Direct-to-consumer (D2C) beauty brand MyGlamm has closed a ₹175 crore Series C funding round with investments from Ascent Capital, Amazon and Wipro Consumer, valuing the company at more than $100 million, it announced on Thursday. This is one of the first investments made by Amazon in a beauty brand in India.
MyGlamm, founded in 2017 by Darpan Sanghvi, offers more than 600 cruelty-free and vegan products across makeup, skincare, and personal care reaching out to more than 10,000 offline points of sales (PoS) across 70 cities in India. It plans to increase the distribution network to 25,000 PoS by the end of this year.
In August 2020, MyGlamm acquired POPxo, a digital community for millennial women founded by Priyanka Gill. The company, jointly run by Sanghavi and Gill, enjoys a run rate of ₹210 crore and aims to close the calendar year at ₹600 crore.
Investors such as Amazon and Wipro Consumer have great experience in building brands, Sanghvi said. “We are really excited about all that we will be able to learn from both Amazon and Wipro Consumer along with the financial rigor that Ascent Capital brings,” he said.
The company said that it will utilize the latest 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 its other digital content verticals POPxo and Plixxo.
The funding puts MyGlamm in the league of beauty and personal care D2C startups such as Sugar Cosmetics, Purplle, Plum and Juicy Cosmetics, which have recently raised money from investors.
