O'2 Nails India Raises $75000 From Atal Incubation Centre — BIMTECH
The fund raised will be used to expand the brand's retail footprints and products development
O'2 Nails India, a fashion retail startup that specialises in nail care space, has raised $75000 funding led by Atal Incubation Centre — BIMTECH under the government of India's Startup India initiative along with Parul Aggarwal, G. Sowmya (product head, Google), Sanjay Vijayvargiya (partner, Mahindra Holiday) and some marquee investors. The funding comes in the form of debentures under the Seed fund scheme. The fund raised will be used to expand the retail footprints and products development.
"We are grateful to our investors who are delighted that we are progressing with 5 times growth on yearly basis. We are also adding 10 boutiques in this quarter year and taking our total number to 50 with 90 per cent She Power, which takes our consumer base to 100,000 regular paid customers," said Aparna Singh, CEO, O'2 Nails India.
The brand is on a mission to change the nail care industry by simplifying the process of getting quality manicures through its technology-enabled Digital Nail Art Boutiques network. It is currently operating with fifteen boutiques in Delhi, Noida, Indore, Bhopal, Hyderabad and so on, serving more than 25000 clients, the company claimed in a statement.
"AIC-BIMTECH has always been interested in ventures which are looking at new markets, new tech or exploring new opportunities in existing markets. We are quite optimistic about the industry's growth and the rapid expansion of 0'2 Nails India," said Abha Rishi, CEO, Atal Incubation Centre-BIMTECH.
Founded in 2017, O'2 Nails India is a consumer and fashion retail startup in the nail care domain. It is working towards empowering women with their franchisee concept in retail.
According to reports, Indian fashion retail industry which is currently estimated at $54 billion will grow at a CAGR of 8.1 per cent to reach $118 billion by 2028.