Indian Angel Network (IAN) has invested an undisclosed amount in Delhi-based spa chain Tattva Spa, which is a part of Elementia Wellness Pvt. Ltd, according to a statement.
The investment round was led by the IAN investor member Tushar Singh, who will also join the board of the spa chain that has a network of centres in north and north-west India.
Tattva Spa, founded by Aditya Kaushal, Anita Kaushal, Karan Goyal and Shipra Sharma, would use the fund raised primarily to augment the company's network and development of regional teams in tier II and III cities.
Commenting on investment in Tattva Spa, Tushar Singh said, “IAN’s philosophy has always been to invest in scalable businesses run by dedicated and passionate entrepreneurs. Tattva represents an excellent opportunity to be part of a lean, service driven business that is focused on a growing industry of health and wellness. The team seems to have understood the services business model very well and we hope to work with them in creating a
well-established wellness brand.”
“India is one of the fastest-growing modern spa and wellness markets in the world and a thought-leader in the emerging travel category of wellness tourism, an industry which has explosive growth potential. Tattva Spa is an early mover in this direction. IAN investment in the venture is based on the fact that Tattva Spa team has a clear vision, deep domain expertise and high focus on execution to create a high value company,” Padmaja Ruparel, president, IAN, noted.
“Tattva team is excited about the mentorship from Indian Angel Network that comes with this investment. We are confident that this partnership will enable Tattva to strengthen its processes and scale up fast in the fast growing healthcare and wellness industry,” Tattva co-founder Shipra Sharma said.
Although various salon and wellness centres have attracted private funding in the past, a few spa operators have raised funding. One exception is Fulcrum Ventures which backed The Four Fountains Spa.
(Edited by Joby Puthuparampil Johnson)