Nail care startup O’2 Nails India has raised $150,000 in a seed funding round led by Real Time Angle fund and AIC- BIMTECH. The startup plans to use the raised capital to expand its reach into the growing nail care domain across the country.
Founded in 2021 by Aparna Singh and Vikram, O’2 Nails India opened their first boutique to satisfy a market imbalance of Rs 1 billion in nail services. Globally, the nail care industry is about $15 billion.
Currently, the startup has 30 stores across 15 cities across India, covering seven states and plans to open more than 100 stores for FY 2023-24. The brand aims to grow its retail footprint and customer base by 500 per cent and 10X, respectively, on YoY. Notably, 90% of its staff members are female.
Aparna Singh, CEO of O’2 Nails India, said in a statement, “This strategic investment in O’2 Nails India is a testament to the company’s commitment to providing quality nail care services and expanding its reach. We are extremely thankful and happy to be backed by these renowned industry leaders in our journey ahead. We plan to utilize these funds for technological advancement and expanding our stores and retail presence. With a strong commitment to accelerate women empowerment, we have 20 women-led franchises.”
“With more than 78% of women customers, we are creating a solid identity for them by revamping their style statements. With this new funding, O’2 Nails India will be able to further their mission of delivering exceptional customer service and giving customers access to innovative nail care products,” said Aparna.
Commenting on the investment, Pranay Mathur, Partner & CEO of Real-Time Angel Fund, said, “India nail care market is anticipated to grow at a robust rate through 2025 due to surging fashion and beauty consciousness among women and increasing number of beauty salons in the country. O2Nails has created a unique and exciting range of products and services in the personal care and beauty care category starting with Nails.”
According to the company’s statement, O’2 Nails India has achieved the honour of being named “Most Trusted Nail Salon Chain” for two consecutive years in 2021 and 2022. This organization is dedicated to helping women gain financial independence through their franchise model in the retail industry.
Source @Indianstartupnews
