MyGlamm closes Series C round at ₹530 crore

MyGlamm, a D2C beauty brand, has closed its Series C funding round at ₹530 crore, with a top up of ₹355 crore to the existing ₹175 crore it had closed in March. With this, its valuation has crossed ₹2,000 crore. The ₹355-crore top up is led by Accel, along with participation from existing MyGlamm investors. With this top up, the four-year-old start-up has raised a total of ₹650 crore since its inception.

MyGlamm had opened its Series C earlier in March with a ₹175-crore investment from Ascent Capital, Amazon and Wipro. Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family, Trifecta and Strides Ventures also participated in this top up round. The start-up will use this funding 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 POPxo and Plixxo.

Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm is one of India’s fastest growing D2C beauty brands offering a range of 800+ cruelty-free and vegan products across makeup, skincare and personal care. While it is digital-first, MyGlamm also has over 15,000 offline points of sales across 70 cities in India and one 3,000 sq ft experience centre in Juhu, Mumbai. In July 2020, MyGlamm acquired POPxo-Plixxo making the MyGlamm-POPxo-Plixxo combined, the largest content to community to commerce platform in India with 88 million annual female users, with 1.5 billion annual video views and 150,000 influencers onboarded.

“We were oversubscribed four times in March for Series C and we decided not to take more money because our revenues were growing and we didnt need more capital. From April to June we hired 10 senior leaders from Unilever, Myntra, Godrej, WPP, L’Oreal, Bewakoof and Udaan – a good mix of new world and old pedigreed companies. We onboarded Shraddha Kapoor as our brand ambassador and investor and ramped up our product portfolio from makeup to skincare, bath and body, and haircare which we launched on Amazon Prime Day today. All this resulted in our revenues growing 2X from March to August from ₹210 crore to ₹480 crore in annualised revenue run rate. And in the interim, we were in touch with Accel and were super excited to welcome them to the cap table. That’s how the Series C round got extended and closed at ₹530 crore, the largest amount of capital raised by any beauty brand in India in its Series C round” Darpan Sanghvi, founder and CEO, MyGlamm told BusinessLine.

Sanghvi is targeting ₹750 crore in revenue run rate to become a $100 million beauty brand by December 2021. Plans are on to expand its reach to 40,000 points of sale across 100 cities in India. The start-up, which claims to have broken even in the Oct-Dec quarter of 2020 is also planning to launch its first TV campaign next week.

“We believe that the time is ripe for building out digital first CPG (consumer packaged goods) brands with a deep focus on content-to-commerce. COVID has only cemented this belief. The unique combination of content coupled with a compelling product line gave us the conviction to lead this round in MyGlamm. We are excited to partner with Darpan, Priyanka and the MyGlamm team and look forward to building out the next generation CPG giant,” said Anand Daniel, Partner, Accel.