Direct-to-consumer (D2C) beauty brand MyGlamm has raised INR 175 crore in a Series C funding round led by Ascent Capital, Amazon, and Wipro Consumer, valuing the company at more than $100 million.

This deal also marks Amazon’s first investments in an Indian beauty brand.

Founded in 2017, MyGlamm is a beauty brand that offers over 600 cruelty-free and vegan products across makeup, skincare, and personal care reaching out to over 10,000 offline points of sales across 70 cities in India. Headquartered in Mumbai, MyGlamm is the only startup in the beauty and personal care space to have reached the valuation benchmark of $100 million within three years of being founded.

Speaking about the investment, Manish Tiwary, VP, Amazon India, says, "Amazon remains committed to backing homegrown startups and brands that share our customer focus and belief in accelerating their growth through digital commerce. We are excited by the innovative products and brand experience that MyGlamm brings to Indian customers in a high-salience category like beauty which is deeply personal to customers.”

MyGlamm is currently backed by the likes of Bessemer Venture Partners, L'Occitane, Mankekar Family Office, Tano Capital, Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital. The startup had also acquired POPxo, a digital media platform focused on women in August 2020.

So far the company has raised INR 300 crore in equity financing, including the recent round. While it is digital-first, MyGlamm also has over 10,000 offline points of sale across 70 cities in India.
The capital raised will be used to build data science capabilities, expand the product portfolio, and to further strengthen the brand.

The company is jointly run by Darpan Sanghvi and Popxo’sPriyankaGill. “We wanted to raise only Rs 110 crore but ended up taking on board more investors and capital because of what each of these investors brings to the table apart from capital,” Sanghvi said. The round received Rs 600 crore worth of bids," says, Sanghvi.

“Now, with this fundraise, 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.” says, Gill, co-founder & President, MyGlamm.

“We are very impressed by the way founders handled Covid uncertainty as well as built strong internal capabilities including POPxo acquisition. We are very confident of their growth story,” says, SumitKeshan, Managing Partner, Wipro Consumer-Ventures.

“With a clear strategy, MyGlamm is poised to be a significant player in the Direct to Consumer segment,” says, Vasanthakumar, Partner, Ascent Capital.