The beauty and wellness tech startup Luzo recently featured on Shark Tank India, where founders Nikhil Kalwani, Anurav Dave, and Maan Jetley pitched their lead generation and booking platform designed to solve the chronic under-utilization of service capacity in the industry.
During the pitch, the founders highlighted a critical gap: salons and spas are currently functioning at only 50-60% capacity utilization. Luzo addresses this by connecting users with premium beauty services through an intuitive mobile interface.
Available on both Google Play and Apple App stores, the platform offers features such as custom booking requests, flexible appointment slots, and an integrated payment system that applies discounts upfront. A key driver for retention is their cashback system, which is redeemable across all partner locations.
Entering the Tank, the founders sought ₹1 crore for 1% equity, valuing the company at ₹100 crores.
Luzo has demonstrated significant operational scale, onboarding 1,600 vendors across Mumbai, Bengaluru, and Delhi with a remarkably low vendor attrition rate of 3%. The platform has amassed 4.5 lakh sign-ups, with 70,000 users having completed at least one transaction.
Financially, the company reported Net Sales of ₹9.9 crores and a Gross Merchandise Value (GMV) of ₹12.5 crores for FY 24-25. While the startup saw negative EBITDA margins in late 2025 (-6% in Oct; -2% in Nov), they are projecting Net Sales of ₹24 crores for FY 25-26 and expect to hit positive EBITDA by Q4.
The business model is built on high-velocity inventory management. By offering services at a 62.9% discounted price (down from an original price of ₹9k to ₹5.6k), Luzo maintains a 12-13% take rate. With an inventory turnover of less than 10 days and 3 turns per month, the startup achieves an effective monthly gross margin of 42%.
After discussions regarding the “preferred slot match rate” of 55% and the roadmap to becoming a full-stack appointment management tool, Kunal Bahl and Viraj Bahl closed the deal by investing ₹1 crore for 3% equity, valuing Luzo at ₹33.33 crores.
The founders shared that the capital will be used to fuel their 3-year roadmap, which targets ₹500 crores in net sales and a network of 10,000 vendors, aiming to digitize the fragmented salon and spa market across India.
