Beauty services and wellness aggregator, Fabogo has raised $ 2.25 million from Dunamis Ventures, Dubai-based early-stage investors as the company seek geographical expansion. Further, the raised capital will be used for technology enhancement and to acquire new customers.
Earlier, the company had raised an angel round of funding of $500K in May 2015. This was followed by another round of $1 Mn in January 2016 as angel investment from PE investors in Dubai.
Commenting on the funding, Prasanjeet Roy, CEO & co-founder, Fabogo said “Our focus this time is technology because we’re entering 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.”
Founded by Prasanjeet Roy and Mohammad Ali Akmal in March 2015, Fabogo is an aggregator of beauty and wellness service. The platform lists salons, spas and cosmetic centres, to gain higher visibility and enables them to be discovered by new customers searching for beauty and wellness services.
Furthermore, it allows users to discover beauty services at salons and spas in their locality. Customers use it to gain quick access to information such as prices, offers, photographs, user reviews and more.
At its core, the product is aimed at helping its users stay beautiful, by enabling them to search and discover beauty services at salons and spas in their locality. Fabogo’s current business model is Pay-per-Lead based wherein they charge a small fee for every customer directed to a partnered venue.
Fabogo took an international first approach by debuting in Dubai in May 2015 and subsequently launched in their home turf, Pune and Mumbai in August 2015. The startup aims to be the world’s leading online engagement platform for the personal grooming industry, working to bring salon and spa owners and their target market segment closer to each other and providing them the tools to interactively engage with each other.
The startup claims to have 20 % month on month growth and receives 3,50,000 users monthly visits on their website, driving an average of 500 appointments in a day. Soon, Fabogo will launch Android and iOS app that will enable consumers to BUY-BOOK-REDEEM the beauty services around them at their convenient аnd comfort.
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