MyGlamm, a Mumbai (India) based D2C beauty platform, announced on 18th March 2021 that it has raised US $ 24 million in its Series C round. The round was led by Amazon, Wipro Consumer Care Ventures and Ascent Capital along with many other existing and new investors.
Investors: Ascent Capital is Bangalore, India, based private equity firm that was founded in the year 2000 by Raja Kumar. It is led by a team of highly experienced individuals with a cumulative 150+ years of experience in the Indian capital markets. It invests in diverse sectors including technology, healthcare, financial services, infrastructure and more.
Amazon on the other hand is a well-known e-commerce giant founded by Jeff Bezos in 1994. The current investment marks the first contribution made by Amazon for a beauty brand based in India.
Purpose of investments: With the current round of investments MyGlamm becomes the fastest beauty brand to cross US $ 100 million in valuation within just 3 years of its launch. The current investments would be utilised by Myglamm to support its product development, data science and technology research; expedite its offline expansion; fund working capital requirements and increase its content creation abilities.
MyGlamm, as mentioned earlier, is a Direct to Consumer(D2C) beauty brand that was founded in the year
2015 by Darpan Sanghvi and Priyanka Gill. It is, on a basic level, a platform that offers beauticians, stylists, nail and spa aestheticians etc with a marketplace.
It offers scores of products including body lotion, nail polish, lipsticks, eye sparkles, eye chalks, shower gels etc for different aspects of beauty and glamour. Anything you need for your make-up MyGlamm is the place to go.
It’s acquisition of POPxo, India’s largest community of women with over 88 million female users, and Plixxo helped it to increase its digital reach exponentially.
What the CEO has to say:
“It is extremely exciting to have Ascent Capital, a prolific investor in the Indian consumer internet space, along with two incredible investors with strong experience in building brands, Amazon and Wipro Consumer, join our cap table. Through L’Occitane’s investment in MyGlamm, I have experienced first-hand the value that such investors can bring to a start-up. And we are really excited about all that we will be able to learn from both, 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”—Darpan Sanghvi, co-founder and CEO of MyGlamm.
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