March 16, 2020
The acquisition adds to Urban Company’s global expansion, six months after the Gurgaon-based startup first entered Australia
Glamazon has previously raised US$1.2 million through funding, with over 1,700 professionals listed on the platform
Foreign markets are expected to create US$39 billion in opportunities for Indian startups, across focus categories by 2022
Australia’s India Economic Strategy in 2018 had cemented India as a priority economic growth partner until 2035
Urban Company, formerly known as UrbanClap, has recently announced its acquisition of Australian on-demand beauty services startup, Glamazon, strengthening its foothold in the market, as per media reports on March 17. The acquisition plays an important role in Urban Company’s ongoing plans of expanding to different global regions, taking place six months after the Gurugram-based startup first entered Australia. Serving as an online platform for freelance stylists and beauticians looking to provide cosmetics services at homes, Glamazon has raised upwards of US$1.2 million through various rounds of funding, with over 1,700 individual service providers on board, as per a report by Inc42.
Over the years, Indian startups have evolved from being just service providers to offer innovative technology platforms or enterprise software-as-a-service solutions. Their cost-effective, fresh and tech-driven solutions are attractive to markets abroad. Moreover, technologists returning from the US to India are bringing operational knowledge of markets abroad. According to a 2018 KPMG and Google report, international markets can offer Indian startups a total of US$39 billion worth of opportunities, across focus categories, by 2022. In line with this, many Indian startups are looking towards Australia and the potential it offers as an established market.
As per the Australian Trade and Government website, India is Australia’s 4th largest trading partner. Total Indian investment in Australia is around US$10 billion (up from US$400 million in 2006) while total Australian investment in India is over US$9.2 billion. The Australian Government had commissioned an India Economic Strategy in 2018 to cement India as a priority economic partner till 2035. Earlier this year, the Indo-Australian Chamber of Commerce in Chennai addressed India increasing its exports to Australia to US$15 billion by 2025, and ultimately US$35 billion by 2035. This immense potential for startups across various sectors, coupled with strengthening ties between the two countries, is set to facilitate investment in the future.