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Bigstylist raises Rs 8 crore more from Info Edge

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)

 

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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