Content-to-commerce conglomerate the Good Glamm Group has raised $150 million in its Series D round of funding from Prosus Ventures, Warburg Pincus and Alteria Capital. The round also witnessed participation from its present investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office.
With this round, Good Glamm Group invades into the much-coveted unicorn club to become the 35th unicorn of the year.
The group will use this funding for product development, technology research and offline extension. It will also continue to make investments in more beauty and personal care brands.
“This funding will ensure that across all the acquisitions we make, we are able to invest correctly,” Darpan Sanghvi, Group Founder and CEO, Good Glamm Group, told media.
According to Sanghvi, this funding is more like a battle chest for the group.
In September, the direct-to-consumer brand MyGlamm set up The Good Glamm Group, combining all its businesses — MyGlamm, POPxo and BabyChakra — under one sunshade and aspiring to buy more beauty brands with a budget of Rs 2,000 crore.
The group, which has previously made two acquisitions, projects four more before the year ends. These are likely to add some mens’ personal care brands. In October, it stated the acquisition of Moms Co.
The Good Glamm Group holds a portfolio of proprietary beauty and personal care brands with a digital ecosystem of content, community and creator assets.
Beauty and personal care brands maintained by the Good Glamm Group include MyGlamm, MomsCo, POPxo and Baby Chakra. These brands leverage the group’s exclusive digital assets, which comprise millions of users.
It also has over 30,000 retail points of sale of the group’s flagship beauty brand, MyGlamm. According to Co-Founder Naiyya Saggi, the group plans to take this number to 100,000 shortly.
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The Good Glamm Group claims to have 150 million users, 220,000 content creators and a doctor network of 10,000. It also claims to be adding 3.5 lakh, new e-commerce customers every month, with the total transaction shooting up to 3.2 million every month.
“With a strong portfolio of D2C brands and proprietary content assets, the group is well-positioned to scale rapidly and create a large digital-first business in the beauty and personal care space,” said Vishal Mahadevia, Managing Director and India Head at Warburg Pincus.
“The Good Glamm team has paired desirable, homegrown brands with compelling content, building an incredibly engaged community and positioning them well for future growth in India and beyond,” said Ashutosh Sharma, Head of Investments, India, Prosus Ventures.
