CIO Insider

CIOInsider India Magazine

Separator

MyGlamm Glams Up to Rs.530 Crore in a Series C Funding Round

Separator

Amazon-backed direct-to-consumer (DTC) Indian beauty brand, MyGlamm procured an additional sum of Rs.355 crore in a Series C funding round by Accel, summing up to a total amount of Rs.530 crore ($71.21 million). That total also includes the amount Rs.175 crore raised from Ascent Capital, Amazon and Wipro earlier this year.

It’s believed that the Rs.175 crore is valued at Rs.2,000 crore, thrice bigger compared to its previous valuation of $ 100 million, which is about Rs.745 crore.

Overall, the beauty brand fund raising stands as the highest amount raised during a Series C round by a beauty brand in India and as a result, the firm’s valuation currently weighs over $ 300 million.

The beauty brand’s existing investors such as Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family, Trifecta and Strides Ventures were also other colours in the palette, meaning the round.

Basically it looks forward to blending its footprint across the South-Asian market.

The Mumbai-based beauty brand plans on applying the the funds for product development, supporting data science and technology research, increasing offline expansion, fund working capital requirements, expansion of content creation capabilities and digital reach of POPxo including Plixxo.

It got a hold of POPxo, a women oriented content platform and Plixxo an influencer marketing platform to attract more customers. Surprisingly it precisely has been achieving that, by acquiring 250,000 new customers every month.

However, prior to the acquisition, it appeared that the brand could attract 30,000 customers

MyGlamm, created in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, offers over 800 vegan goods in the beauty, skincare, and personal care categories. In contrast, the company has over 10,000 offline sales locations in India, spread over 70 cities.

The Mumbai-based beauty brand plans on applying the the funds for product development, supporting data science and technology research, increasing offline expansion, fund working capital requirements, expansion of content creation capabilities and digital reach of POPxo including Plixxo.

In the beauty and personal care industries, the company now works as a brand house.

The fresh investment comes at a time when Indian startups are raising record amounts of money and a small number of mature companies are looking to go public. Tribe Capital's investment last week made BlackBuck India's 16th unicorn.

Last week, food delivery startup Zomato made a splash on the stock market, while financial services companies MobiKwik and Paytm have also filed for IPOs. In the next weeks, insurance aggregator PolicyBazaar and online cosmetics e-commerce startup Nykaa are also anticipated to file paperwork for an IPO.

Current Issue
Extrieve Technologies: A One-Stop-Shop for Document Management Solutions