Yuvraj Singh’s YouWeCan Ventures invests undisclosed amount as seed funding in Vyomo, a mobile app based beauty and wellness ecommerce platform.
Vyomo will work as a on demand mobile platform for salons, spas and stylists; and is expected to be launched in India and Dubai later this month.
“We would like to support empowerment of millions of beauty professionals and help them improve their lives, income and be part of their personal milestones,” Yuvraj Singh said in a statement issued by the company.
Earlier this month, Singh, the Indian Premier League’s costliest player this season, announced that he will float a venture fund that will aim to support young entrepreneurs by investing in start-ups across sectors including healthcare, sports products, services and fashion, travel and tourism, hospitality and e-commerce.
The cricketer plans to invest about Rs 50 crore, mostly his own money, over 3-5 years in YouWeCan Ventures while the fund is expected to raise about Rs 300 crore from other investors during this period.
“For salons and spas, the duration between 2pm and 5 pm is an under utilized capacity, and with Vyomo, they can manage their inventory in a dynamic manner and offer discounts during those hours,” said Nishant Singhal, co-founder of You-WeCan Ventures. “We want to replicate the success of Uber and Ola in the beauty and wellness sector.”
“Signing up with YouWeCan Ventures for securing our seed funding is an important milestone for the company that will allow us to scale up and expand to meet the demands of our global users,” said Abhinav Khare, founder and CEO of Vyomo.
“Our aim is to create a complete solution for beauty professionals to manage and grow their business through a smartphone and for customers to book appointments instantly through their mobile devices, and ultimately repeat the success story of tech start-ups in cab industry.”