Beauty Brand MyGlamm raises INR 335 crore led by Accel
MyGlamm, an Amazon-backed direct-to-consumer (DTC) Indian beauty brand, raised an additional Rs.355 crore in a Series C funding round led by Accel, bringing the total amount raised to Rs.530 crore ($71.21 million). This figure includes the Rs.175 crore raised earlier this year from Ascent Capital, Amazon, and Wipro.
It is believed that the Rs.175 crore is valued at Rs.2,000 crore, which is three times the previous valuation of $ 100 million, which is approximately Rs.745 crore.
Overall, the beauty brand fund raising is the largest amount raised during a Series C round by a beauty brand in India, and as a result, the firm's valuation now exceeds $ 300 million.
Existing investors in the beauty brand, including Bessemer Venture Partners, L'Occitane, Ascent, Amazon, the Mankekar family, Trifecta, and Strides Ventures, were also represented in the round.
The Mumbai-based beauty brand intends to use the funds for product development, data science and technology research, increasing offline expansion, funding working capital requirements, expanding content creation capabilities, and expanding POPxo's digital reach, including Plixxo.
Essentially, it intends to expand its footprint throughout the South Asian market.
To attract more customers, it acquired POPxo, a women-oriented content platform, and Plixxo, an influencer marketing platform. Surprisingly, it has been doing so by acquiring 250,000 new customers each month.
Prior to the acquisition, however, it appeared that the brand could attract 30,000 customers.
MyGlamm, founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, offers over 800 vegan products in the categories of beauty, skincare, and personal care. In comparison, the company has over 10,000 offline sales locations spread across 70 cities in India.
The Mumbai-based beauty brand intends to use the funds for product development, data science and technology research, increasing offline expansion, funding working capital requirements, expanding content creation capabilities, and expanding POPxo's digital reach, including Plixxo.
The company now operates as a brand house in the beauty and personal care industries.
The new investment comes at a time when Indian startups are raising record amounts of capital and a small number of mature companies are considering going public. With Tribe Capital's investment last week, BlackBuck India became the country's 16th unicorn.
Last week, food delivery startup Zomato went public, while financial services companies MobiKwik and Paytm also filed for IPOs. Insurance aggregator PolicyBazaar and online cosmetics e-commerce startup Nykaa are also expected to file for an IPO in the coming weeks.
It is believed that the Rs.175 crore is valued at Rs.2,000 crore, which is three times the previous valuation of $ 100 million, which is approximately Rs.745 crore.
Overall, the beauty brand fund raising is the largest amount raised during a Series C round by a beauty brand in India, and as a result, the firm's valuation now exceeds $ 300 million.
Existing investors in the beauty brand, including Bessemer Venture Partners, L'Occitane, Ascent, Amazon, the Mankekar family, Trifecta, and Strides Ventures, were also represented in the round.
The Mumbai-based beauty brand intends to use the funds for product development, data science and technology research, increasing offline expansion, funding working capital requirements, expanding content creation capabilities, and expanding POPxo's digital reach, including Plixxo.
Essentially, it intends to expand its footprint throughout the South Asian market.
To attract more customers, it acquired POPxo, a women-oriented content platform, and Plixxo, an influencer marketing platform. Surprisingly, it has been doing so by acquiring 250,000 new customers each month.
Prior to the acquisition, however, it appeared that the brand could attract 30,000 customers.
MyGlamm, founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, offers over 800 vegan products in the categories of beauty, skincare, and personal care. In comparison, the company has over 10,000 offline sales locations spread across 70 cities in India.
The Mumbai-based beauty brand intends to use the funds for product development, data science and technology research, increasing offline expansion, funding working capital requirements, expanding content creation capabilities, and expanding POPxo's digital reach, including Plixxo.
The company now operates as a brand house in the beauty and personal care industries.
The new investment comes at a time when Indian startups are raising record amounts of capital and a small number of mature companies are considering going public. With Tribe Capital's investment last week, BlackBuck India became the country's 16th unicorn.
Last week, food delivery startup Zomato went public, while financial services companies MobiKwik and Paytm also filed for IPOs. Insurance aggregator PolicyBazaar and online cosmetics e-commerce startup Nykaa are also expected to file for an IPO in the coming weeks.
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