Gurgaon based Stylofie, a beauty and wellness startup has acquired Hyve, a personal care app.
The acquisition is a part-cash and part-equity deal wherein the business team of Hyve will be retained by Stylofie whereas the founding members of Hyve are looking to exit the business to pursue other interests.
Prateek Agarwal, co-founder & CEO, Stylofie said, “We needed a more scalable technology platform to cater to the ever growing needs of our tech-savvy customers. The business in Gurgaon has been growing rapidly too, almost 80-100% month-on-month, while launch in Delhi & Noida was around the corner, and thus there was no time to re-do the whole technology stack. Hyve on the other hand is a fundamentally strong application founded by a technology team that is very tech savvy.”
Hyve, which is still operating under the original brand name in Bangalore will soon be renamed to “Hyve – by Stylofie” and will gradually be migrated to Stylofie.