MyGlamm, a direct-to-consumer Indian brand providing international spa and salon products apart from beauty offerings, has bagged US$ 71 million in a Series C funding round led by global venture capital firm Accel on 27 June 2021.
Investors: The funding round featured Accel as the lead investor with participation from Amazon, Trifecta Capital Advisors, Ascent Capital, Bessemer Venture Partners, Stride Ventures and many other investors. The startup has raised approximately US$ 104 million, in total, to date.
Purpose of the funding: The proceeds from the latest investment round will be deployed towards product development, bolstering data analytics and technology research, expanding operations, financing working capital needs. In addition, the startup also seeks to raise the content creation potential and extend the digital presence of POPxo and Plixxo.
About MyGlamm
Established in 2017 by Darpan Sanghvi and Priyanka Gill, MyGlamm is the most rapidly expanding D2C cosmetic brand of India, providing a variety of more than 800 cruelty-free and vegan offerings such as makeup, skincare, and personal care. Although the brand is digital-first, it also possesses more than 10,000 offline stores spread across 70 cities in India. MyGlamm employs a mix of tech, content, and digital media to enable its users to explore different products and develop high-end, individualized content and tutorial propelled post-buying experience with the help of its App.
What the Founder has to say: “The work of a top-tier corporation like Accel is admirable, and its an honour to now get associated with them. Their accomplishments and professionalism regarding creating a D2C internet platform will fuel our ambition to tap a high potential market. We are exhilarated to concentrate on successful implementation of our plans and meeting our target to set the foundation of India’s biggest beauty corporation.”- Darpan Sanghvi, Founder and CEO of MyGlamm.
What the Investor has to say: “According to our estimates, now is the right time for structuring online internet CPG firms with a thorough concentration on content-to-commerce. The pandemic has created the required market atmosphere for executing this plan. The exceptional amalgamation of content in tandem with an awe-inspiring product line has compelled us to lead the latest investment round declared by MyGlamm. It is delightful to join hands with founders and the entire MyGlamm team. We hope to set the base for a new generation CPG firm.”- Anand Daniel, Partner of Accel.
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