Info Edge, the parent company of online services such as Naukri, 99Acres and others, has invested an additional Rs 8 crore in BigStylist, increasing its effective stake in the company to 49.37%: it invested via compulsorily convertible debentures. BigStylist (Green Leaves Consumer services Pvt Ltd) runs an on-demand marketplace for beauty professionals, and Info Edge likes to invest in market place businesses. Its competitors include UrbanClap and HouseJoy, which offer more than just beauty services. Urbanclap announced a $21M funding earlier this month. HouseJoy has substantially more funding. In December last year, the Hindu had reported that BigStylist was looking to raise $4 million in a series A round. Doesn’t look like that happened.
Businessworld had reported last month that BigStylist was looking to expand to the Delhi-NCR region, and that they did revenues of Rs 5-6 Cr, served close to 50,000 orders in the last year, and were “operationally profitable in every hyperlocality we operate in”, but not net profitable in the two cities they operate in: Mumbai and Pune.
From Info Edge’s Annual Report (pdf)
- BigStylist reported a Total Comprehensive Loss for FY17 at Rs 5.988 crores
- The net worth attributable to Info Edge’s investment in BigStylist by the end of March 2017 (when it had 39.24% stake) was Rs 18.04 crores.
Info Edge’s investment in BigStylist
With this investment, Info Edge has increased its stake from the 39% it had, when it invested Rs 6 crores in September 2016. This means that Info Edge has so far invested Rs 20.4 crores in the business:
- Rs 8 crores in July 2017 (now, increasing stake to 49.37%)
- Rs 6 crores in September 2016 (increasing stake to 39.24%)
- Rs 6.4 crores in December 2015 (for a 25% stake)