Yes Madam looks to raise funds to fuel expansion, eyes profitability going forward

By

Maverick Martins

Published
Feb 22, 2019

Yes Madam, an app-based salon services platform, is in talks with investors to raise funds to fuel its expansion as it looks to widen its customer base for a pan-India presence.
 

The Noida-based start-up is looking to raise funds up to $5 to $8 million (approx Rs 36 to 57 crore) to upgrade its existing technological structure and strengthening of personnel for the growth phase. Yes Madam currently has 250-plus trained beauticians and looks to take this count to 600 this year.
 
Within a short span of time, Yes Madam has managed to break even and is eyeing profitability in the coming years on the back of massive pan India expansion. The company has been acquiring customers mainly through word of mouth and positive reviews which help it generate revenue of Rs 2 crore annually with a GMV of 10 crore at the moment.

“Our ambitious growth plans would require us to partner with the right strategic and financial investors. The funds will back us in investing adequately in up-gradation of existing technological structure and hiring of competent personnel for the growth phase. We are still in talks to finalize the right financial cum strategic partner with whom we can join hands and work towards mutual growth,” Mayank Arya, co-founder of Yes Madam told FashionNetwork.com.
 
Talking about the growth plans, Mayank added, “At present, Yes Madam is on the path of explosive growth and is now looking at 5x the number of hubs in the next six to twelve months. Further, by the end of 2020, we are looking for expansion in Tier 1 and Tier 2 towns by ensuring presence in 20 to 30 cities. Along with services, we are also trying to tie up with other high brand products.”
 
Yes Madam was started by Mayank Arya and his brother Aditya Arya in December 2016. The Noida-based startup’s mobile app allows people to register and get beauty services from their homes. Currently, Yes Madam is operating in Delhi and NCR including Noida, Greater Noida, Gurgaon, Ghaziabad, and Faridabad.