JCB Salons India raises Rs 40 Cr from Blacksoil for expansion

JCB Jean Claude Biguine Salons

JCB (Jean Claude Biguine) a salons chain in India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. They has utilised the funds to acquire Spalon, a homegrown salon chain, for expansion into South India, the company said in a press release. The capital will also be used for working capital and creating operational efficiencies for the group.

The Company was started on 2006 .They are Operating 18 salons in in Mumbai, Pune, and Bengaluru. The company claims to serve 1,500 customers per month. Globally, it runs operations in 20 countries with 400 salons and spas. Spalon is a spa and salon brand with over 27 branches across Southern India. JCB and Spalon are joint entity.

In February last year, JCB Salon’s long time chief executive Samir Srivastav quit the company to join Looks Salon as CEO.

JCB Salons raised Rs 157 crore (nearly $19 million) to date and counts RARE Enterprises, the investment arm of late Rakesh Jhunjhunwala as a key investor.

JCB Salon India saw its operating revenue increase to Rs 50.66 crore in FY23 from Rs 34.63 crore in FY22. During the period, the firm turned profitable with Rs 1 crore profit from Rs 57 lakh loss in the previous fiscal year. As per the company, it achieved 5-6% year-on-year growth in FY24.

Biguine Salons has utilised the funds to acquire Spalon, a homegrown salon chain, for expansion into South India, the company said in a press release. The capital will also be used for working capital and creating operational efficiencies for the group.

Combining JCB’s expertise and Spalon’s understanding of the domestic market, the joint entity eyes a foothold in West and South India markets.

visit: gamicaltech.com jcb

 

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