YouWeCan co Founder To launch Engee Wellness
YouweCan ventures co founder Nishat Singhal has launched a foot spa start-up Engee Wellness which runs reflexology chain under the brand Thai Way food Spa & Reflexology, and has raised an undisclosed amount in A round.
The investors include Outbox Ventures Sumeet Kapur, founder of Nearbuy Vineet Singh, chief business officer at MobiKwik Saurabh Mittal, chief financial officer at S Chand Group and Start-up Buddy founder Amit Singhal.
The start-up, which is running two outlets in Gurgaon, has been bootstrapped by Singhal and his co-founder Geetika Dhawan.
Geetika Dhawan said “We will be opening another five outlets with this funding round to expand at all premium high footfall locations in Delhi-NCR.” The company is in advanced stages of discussion to raise $3 million (about Rs 19 crore) for creating a pan-India foot spa and reflexology chain with more than 100 outlets in next 18 to 24 months.
Amit Singhal said “Our business model requires low capex of $25,000 per outlet with monthly cash break-even at $4,500 revenue only. Thus each outlet achieves total cash break-even by the third month of operations.”
Dhawan has more than 12 years of work experience in operations, quality management, sales and marketing at companies including like Jindal Group, Puravankara and QVC Realty, while Singhal is a chartered accountant and has worked with PwC and Investors Clinic, and co-founded Youwecan Ventures, a venture fund, with cricketer Yuvraj Singh.
