The deal which was largely comprised of stock was recently closed down by both the firms and soon they will be revealing the information in media.
In recent scenario where the climate is getting more hostile for the startup sector, another beauty startup plunges to the extreme pressure. On-demand beauty platform Belita has been finally acquired by beauty chain Enrich Salon. After a short stint in the market, Belita has been taken over by Enrich in an undisclosed amount deal.
As revealed by the sources, the deal which was largely comprised of stock was recently closed down by both the firms and soon they will be revealing the information in media. With this acquisition, Enrich Salon will be climbing up the ladder and will be competing directly with bigger players. In recent months, it has been witnessed that on demand beauty service space is going through a lull phase with brands like Zepper, Handyhome Mywash and Vyomo losing their business and ended up being acquired by superior brands.
Post-acquisition, Belita will become Enrich’s ‘home-salon’ brand, and will deliver Enrich-quality experience to customers. Enrich Salon’s Director Sachin Kamat and Akshay Jain of Belita have confirmed the development but refused to share more details.
According to one of the sources, paperwork and required formalities were already completed and official announcement will sneak in soon. Earlier, Belita was in conversation with other companies as well but somehow Enrich Salon managed to crack the deal by offering the company a healthy agreement.
Founded in 2010, Belita was the first on-demand beauty service startup. It closed two rounds of funding, including a Rs 2.5-crore angel round, led by early-stage VC firm India Quotient and Supreet Singh, CEO, Altor Executive Search, among others.