JCB (Jean Claude Biguine) Salons India has raised ₹40 crore ($4.8 million) from the alternative credit platform BlackSoil. The funds have been strategically utilised to acquire Spalon, a homegrown salon chain, marking JCB’s significant expansion into the South Indian market.
In an official statement, the company announced that the capital infusion will not only facilitate the acquisition of Spalon but also bolster working capital and enhance operational efficiencies across the group. JCB Salons, a global premium salon chain, currently operates in Mumbai, Pune, and Bangalore, while Spalon boasts over 27 branches throughout Southern India.
The company aims to leverage JCB’s global expertise in conjunction with Spalon’s deep understanding of the domestic market to solidify its presence in both the West and South Indian markets. This strategic expansion comes at a time when the Indian beauty market is projected to reach approximately $580 billion by 2027, growing at an estimated annual rate of 6%, driven by rising disposable incomes and aspirational spending.
Sneh Koticha Contractor, Founder of JCB Salons India, expressed optimism about the future, stating, “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.”
Echoing this sentiment, 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.”
Founded in 2016, BlackSoil is an alternative credit platform comprising an RBI-registered systemically important NBFC and a SEBI-registered AIF. Headquartered in Mumbai, BlackSoil has deployed more than $400 million across 180 deals and employs over 110 professionals. The company provides credit to growth companies, financial institutions, and NBFCs, maintaining a significant presence in the alternative lending market.