Beauty chain Enrich Salon has acquired on-demand beauty platform Belita for an undisclosed amount.
Post-acquisition, Belita brand will be merged to Enrich Salon and will provide services under Enrich brand.
“Paperwork and required formalities were already completed and official announcement will sneak in soon,” said one of the sources. According to both sources, Belita was also in talks with others for acquisition, but Enrich Salon appeared to be the most ‘favourable one’.
Belita,Founded in September 2011 by Akshay and Garima Jain, is a Mumbai-based beauty & wellness services company that delivers beauty & spa services to women at the comfort of their home. Belita’s tech platform aggregates beauticians and provide them training as well as quality products.
In August 2015, it raised about $377K (INR 2.5 Crore.) in an angel round of funding led by India Quotient and Supreet Singh.
Enrich Salon claims to be one of the largest unisex salon chains in Mumbai, with branches in Ahmedabad, Bengaluru and Pune.
Belita competes with Stayglad, Naturals@Home, Bulbul, BigStylist, Makeoverz and others.
As per reports ,beauty and wellness industry in India will be $13 Billion by 2017 and within MENA region it was $25.5 Billion in 2014 as per the global market intelligence firm Euromonitor International. According to some industry estimates, in a large economy like India, the market size for beauty services pegs around $4.8 Billion and it is increasing rapidly.
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