Salon chain JCB (Jean Claude Biguine) Salons India has raised ₹40 crore ($4.8 million) from alternative credit platform Blacksoil.
JCB Salons has utilised the funds to acquire Spalon, a homegrown salon chain, for expansion into the South India market, the company said in its statement. The capital will also be used for working capital and creating operational efficiencies for the group, it added.
JCB Salons is a global premium salon chain operating in Mumbai, Pune, and Bangalore, while Spalon is a premium spa and salon brand with over 27 branches across Southern India.
The company stated that it aims to combine JCB’s global expertise and Spalon’s understanding of the domestic market to tap the West and South India markets.
The Indian beauty market is projected to reach approximately $580 billion by 2027, with an estimated growth of 6 per cent annually, driven by rising disposable income and aspirational spending, according to the company statement.
Sneh Koticha Contractor, Founder of JCB Salons India, said, “With increasing aspirations and purchasing power, we are optimistic about the spa and salon business growth in the coming years. Currently, with strongholds in West India, we are keen on integrating Spalon’s established network and strong legacy into our portfolio to expand to South India, a region we are extremely excited about.”
Ankur Bansal, Co-founder and Director of BlackSoil, said, “The beauty and grooming sector is the next billion-dollar global opportunity in India. JCB Salons is building a robust model for India’s new-age beauty and wellness-conscious crowd, and the acquisition of Spalon amplifies its business prospects.”
Established in 2016, BlackSoil is an alternative credit platform comprising an RBI-registered systemically important NBFC and a SEBI-registered AIF. The company offers credit to Growth Companies, FIs, and NBFCs and has deployed more than $400 million across 180 deals. It is headquartered in Mumbai and has over 110 employees.
(Inputs from bl intern Vidushi Nautiyal)