Mumbai-based D2C beauty startup MyGlamm on Thursday said it raised Rs 175 crore in Series C funding with investments from Ascent Capital, Amazon, and Wipro Consumer – Ventures. With this funding, MyGlamm crossed the $100 million valuation milestone within three years of its launch.
In fact, this also marks one of the first investments made by Amazon in a beauty brand in the country.
The startup will utilise the funds to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements, and expand content creation capabilities and the digital reach of POPxo and Plixxo.
“With this fundraiser, 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,” said Priyanka Gill, Co-founder and President, MyGlamm.
Founded in 2017 by Darpan Sanghvi and Priyanka Gill, MyGlamm offers a range of over 600 cruelty-free and vegan products across makeup, skincare, and personal care. While it is digital-first, the startup has more than 10,000 offline points of sales across 70 cities in India.
MyGlamm began its Series C round in early 2020 to announce the fundraising in April 2020. However, with the nationwide lockdown due to the COVID-19 pandemic, its revenues came to a halt — down to zero. As a result, the Series C round was put on hold, the startup said in a statement.
Once the lockdown was lifted, existing investors, including L’Occitane, Bessemer Venture Partners, the Mankekar family, and Trifecta Capital re-initiated the Series C round with a renewed investment in MyGlamm, it added.
Commenting on the investment, Darpan Sanghvi, Founder and CEO, MyGlamm, said,
“Through L’Occitane’s investment in MyGlamm, I have experienced first-hand the value that such investors can bring to a startup, and we are really excited about all that we will be able to learn from 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.”
Speaking on the investment, Vasanthakumar, Partner, Ascent Capital, said, “We are excited to back MyGlamm. With its formidable founders and clear strategy, the company is poised to be a significant player in the Direct-to-Consumer segment.”
“We have been tracking MyGlamm for over 15 months, and are very impressed with the way it handled the COVID uncertainty, as well as built strong internal capabilities, including POPxo acquisition. We are very confident in their growth story, and are excited to be part of it and backing them,” Sumit Keshan, Managing Partner, Wipro Consumer – Ventures, said.