NEW DELHI: Direct-to-consumer (D2C) beauty brand MyGlamm on Thursday said it has closed Rs175 crore Series C funding round with investments from Ascent Capital, Amazon, and Wipro Consumer, valuing the company at more than $100 million valuation mark. It is also one of the first investments made by Amazon in a beauty brand in India
Founded in 2017 by Darpan Sanghvi, MyGlamm offers over 600 cruelty-free and vegan products across makeup, skincare and personal care reaching out to over 10,000 offline point of sales across 70 cities in India. It plans to increase the network to 25,000 POS this year.
Also Read | Why India needs to look east at Taiwan
In August last year, MyGlamm acquired POPxo, a digital community for millennial women founded by Priyanka Gill. The company is now run jointly by Sanghavi and Gill. It is currently at a run rate of Rs210 crore and looking at closing the calendar year with Rs600 crore.
With the Series C round, MyGlamm has become the fastest beauty brand to cross the $100 million valuation mark in three years of launch.
“It is extremely exciting to have Ascent Capital, a prolific investor in the Indian consumer internet space, along with two incredible investors with strong experience in building brands, Amazon and Wipro Consumer, join our cap table..." said Darpan Sanghvi, founder and CEO, MyGlamm
The company said it will utilise the funds to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of its other digital content verticals POPxo and Plixxo.
Vasanthakumar, partner, Ascent Capital said, “Excited to back MyGlamm, with its formidable founders and clear strategy the company is poised to be a significant player in direct-to-consumer segment."
The funding puts MyGlamm in the league of beauty and personal care D2C startups such as Sugr Cosmetics, Purplle, Plum, and Juicy Cosmetics which have raised money from investors in the recent past.
Sumit Keshan, managing partner, Wipro Consumer – Ventures said, “We have been tracking MyGlamm for over 15 months and are very impressed with the way they handled Covid uncertainty as well as built strong internal capabilities including POPxo acquisition. We are very confident of their growth story and excited to be part of it and backing them."
Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.