Beauty brand MyGlamm has raised Rs 175 crore as part of its series C funding round with investments from Amazon, Wipro Consumer and Ascent Capital.
Founded in 2017, MyGlamm has 10,000 point of sales across 70 cities and an online store. With the latest funding round, the company has become the fastest direct-to-consumer (D2C) beauty brand to cross $100 million valuation.
"We are really excited about all that we will be able to learn from both, Amazon and Wipro Consumer along with the financial rigour that Ascent Capital brings, as we move forward to fulfil our vision of building India's largest beauty company leveraging DTC, digital, and data," Business Standard quoted the company's founder and CEO Darpan Sanghvi as saying.
This is the first investment by e-commerce major Amazon in a consumer brand in India.
MyGlamm plans to use the capital to invest in product development, support data science and technology research. The funding will also help it in offline expansion, funding working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo.
MyGlamm had acquired POPxo, online community startup for women, in August 2020.
"With this fundraising, we will further invest in enhancing our content and influencer capabilities to not only build out MyGlamm as India's largest beauty company but also consolidate POPxo as India's leading digital destination for women and Plixxo as India's most engaging influencer platform," MyGlamm President and co-founder Priyanka Gill was quoted as saying.