OYO Founder Participates in Dazzl's $3.2 Million Seed Round
Ritesh Agarwal, the Founder and Group CEO of PRISM (previously known as OYO), has invested funds into Dazzl, a startup offering on-demand beauty and wellness services, as a component of a seed funding round totaling $3.2 million spearheaded by Stellaris Venture Partners.
The latest funding round for Dazzl signifies the company's initial venture into institutional fundraising.
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Various founders and operators, such as former OYO executives Maninder Gulati and Abhinav Sinha, Shadowfax CEO Abhishek Bansal, and Sameer Brij Verma, founder of Northpoint Capital and former managing director at Nexus Venture Partners, also participated in the funding round.
Dazzl disclosed that the allocated funding will be utilized to develop a rapid-commerce platform catering to beauty and wellness services, with a primary emphasis on verifying and expanding its consumer offering in specific micro-markets within Bengaluru. The organization intends to allocate resources towards bolstering hyperlocal operations, refining go-to-market strategies, enhancing core technological infrastructure, and implementing comprehensive training mechanisms.
The startup was established by Komal Solanki, a graduate of IIT Delhi and Harvard Business School, and Ashish Bajpai, a graduate of IIT Kanpur. They provide beauty and wellness services at customers' homes with quick delivery times starting from just 10 minutes, eliminating the requirement for prior appointments.
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“Over the next 12 months, we plan to expand across Bengaluru and demonstrate strong consumer adoption and repeat usage across clusters,” says Ashish Bajpai, co-founder and chief operating officer of Dazzl.
“Our focus is on building a repeatable technology and operations playbook that enables disciplined expansion across new cities”.
Naman Lahoty, partner at Stellaris Venture Partners, said consumer behaviour was increasingly shifting towards immediacy, extending from products to services. “Dazzl is building a new operating model for beauty and wellness that is designed for speed, reliability and everyday use,” he says.
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Previously, Dazzl secured $3.2 million in a Seed funding round with Stellaris Venture Partners as the main investor. The startup, headquartered in Bengaluru, intends to utilize the new funds to test and expand its quick commerce-driven beauty and wellness model in specific micro-markets within Bengaluru. The money will also be used to create consistent hyperlocal operations and go-to-market strategies, as well as to invest in core technology and training programs.
Dazzl runs with a vertically integrated approach, overseeing supply, training, and operations to ensure consistent service while allowing for quick response times. During the upcoming year, the startup intends to strengthen its position in Bengaluru and assess repeated usage in different areas of demand before branching out to additional cities.