Private equity fund Everstone Capital has invested an undisclosed amount in Bangalore-based beauty and spa salon chain You Look Great (YLG), which is run by R&R Salons Pvt Ltd. Existing investor Helion Venture also took part in the second round of PE funding into the three-year-old firm.
R&R Salons runs the YLG brand with 20 salons across Bangalore and Pune, as well as its beauty academy ISHA. The capital raised in the latest round of funding will be used towards YLG’s organic growth plans and expansion into major cities across the country.
VCCircle was the first to report that Everstone is investing in R&R Salons (March 13). Avendus Capital was the sole financial advisor to R&R Salons on this transaction.
In March 2009, Helion Venture invested Rs 20 crore in YLG, which helped the firm scale up. YLG was set up in 2009 by Rajiv Bopaiah and Rahul Bhalchandra, former employees of Future Group. While Bopaiah was the chief of health & beauty division at Future Group, Bhalchandra was the head of wellness business.
“We have drawn up aggressive expansion plans which involve opening 200-plus company-owned salons over the next six years. We are delighted to partner with Everstone and believe that the business capital and the high calibre of operational input provided by them would be a key enabler in the successful execution of our plans. Continued support from Helion reinforces its conviction in the company and in the mid-premium salon space in India,” said Bhalchandra, the promoter and CEO of R&R Salons.
Sameer Sain, co-founder and managing partner at Everstone Capital, said, “The beauty and grooming services space is growing rapidly and is highly fragmented. YLG has built a strong regional brand and our goal is to make it a leading national player.”
Everstone’s other investments in the consumer business domain include Nashik Vintners (owner of Sula Wine), Faces Cosmetics and Pan India Food Solutions. Everstone had also invested in and exited from Capital Foods and kidswear apparel retail chain Lilliput over the last two years.