The pre-series funding round was led by Upsparks Capital, Eagle10 Ventures, ITI Growth Opportunities Fund and Inflection Point Ventures
Bengaluru: Software as a service (SaaS) enabled business-to-business (B2B) beauty marketplace Glamplus has raised around Rs 16.5 crore in a pre-series A funding round, the company said in a press release on Wednesday.
The funding round was led by Upsparks Capital, Eagle10 Ventures, ITI Growth Opportunities Fund and Inflection Point Ventures. It also saw participation from Kube VC and other marquee investors including Gopal Krishna Varshney and IR capital partners.
The funds will be directed towards B2B expansion in tier 1 and tier 2 cities and for venturing into international markets.
“We are on a path to profitability by the first quarter of 2024 by creating an impact and reaching small businesses like salons and beauty stores where they can avail higher fulfilment, faster deliveries and better pricing due to an optimised supply chain with no middlemen,” said Rohan Singh, chief operating officer of Glamplus.
Founded in 2020, Glampus helps small and medium-sized salons, spas, beauty shops and supermarkets for procuring beauty products.
The company is currently operational in Karnataka, Chhattisgarh and Odisha catering to clients from salons to small and medium-sized beauty stores. The company recently launched a centralised warehouse to facilitate faster order processing, inventory management, and fulfilment, minimising shipping times and costs while ensuring quicker delivery to customers.
Glamplus pivoted into the digital B2B beauty marketplace and has listed over 2,000 stock-keeping units registering a 12% growth annually, the company said. With over a 30-member lean team, it has built a user base of more than 9,500 beauty customer clients and over 6 lakh B2C customers.
It aims to cater to 1000 B2B beauty clients spanning from luxury salons to small-sized parlours in the next six months.
