BackSyona Cosmetics raises funds from Chennai Angels
The company is looking to use the funds for expanding its chain of salons and spas
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Mumbai: Chennai-based beauty and wellness company Syona Cosmetics Pvt. Ltd on Tuesday said it has raised an undisclosed amount from the Chennai Angels, a group of investors.
The company, founded in 2012 by Raja Varatharaju and Anuradha Balasubramanian, is looking to use the funds for expanding its chain of salons and spas. It offers its services and products under the brand name Estrella Professional. It plans to expand operations across South India and enter the retail segment as well.
“Syona fits perfectly into the skin and hair care segment in the rapidly growing beauty salon chain market in India. We believe that product superiority based on research and their focus on training the beauticians in salons will give them a cutting edge in the salon space," said Arun Kumar M., who led the investment from The Chennai Angels. Syona has trained more than 4,000 beauticians over two years.
India’s wellness industry is estimated to grow at an annual average rate of 20% to reach Rs.87,500 crore, according to a report by PricewaterhouseCoopers International Ltd.
Elementia Wellness Pvt. Ltd, the company that owns the Tattva spa chain, raised an undisclosed amount of funding from Indian Angel Network of investors in 2014. Four Fountain Spa Pvt. Ltd, founded in 2007 also received $1.5 millioninvestment from Chennai-based Fulcrum Ventures India.
While start-ups in the wellness space are gathering space, there are companies that are entering into the wellness enabling space as well. Mumbai-based Ziffi.com that raised funds from Orios Ventures last year, allows bookings of appointments at spas and salons. UrbanClap and UrbanPro also provide similar services.
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