Beauty service and health aggregator Fabogo have raised fresh funding of $2.25 Million (around Rs 14.5 Crore) in its fresh and third funding round. The funding round was led by Dubai-based existing investor Dunamis Ventures Pvt Ltd. Earlier the investors invested $1 Million of Seed funding in January 2016.
The Pune-based startup was founded in the year 2015 by Prasanjeeth Roy and Mohammed Ali Akmal. Fabogo is a hyper-local salon & spa guide with comprehensive information about each and every salon, spa and fitness center in their city. Using the Fabogo app, a user can search, discover, call, browse offers, write reviews, create posts and follow people.
Fabogo will use its 40% of fresh funds to strengthen their technology, another 40% for the expansion their users base and rest for expanding throughout the country.
Commenting on the recent development, Pasanjeet Roy, CEO, and Co-founder, Fabogo said, “Our focus this time is technology because we’re entering into the transaction game. We aim to become the market leaders in our existing cities by March next year. For that, we aim to grow at about 25,000 user downloads month-on-month.”
Fabogo claims to have 3,30,000 monthly visitors, divided equally between Dubai and India. It claims the number of users is growing 20% month-on-month.
The startup has also witnessed a growth of 20% month-on-month and driving an average of 500 appointments daily. It is currently following a ‘Pay-per-Lead’ based monetization model: wherein it charges a small fee for every customer directed to a partnered venue.
Fabogo is also launching the app on Android and iOS that will enable consumers to BUY-BOOK-REDEEM the beauty services around them at their convenient and comfortable.
Another startup in the same category are Be U Salon, Nearby and Glam Studio which has also raised angel funding of Rs 2 Crore in September 2016. Read more about Indian Startup Ecosystem