MyGlamm, a direct-to-consumer (D2C) beauty brand, has raised Rs 175 crore (around $24 million) in a Series C round of funding.
The round in Mumbai-based MyGlamm has been led by Ascent Capital, Amazon, and Wipro Consumer, the company said in a statement. The investment in the startup also marks one of the first bets in the domestic beauty segment made by Amazon.
MyGlamm, operated by Sanghvi Beauty and Technologies Pvt Ltd, was set up in 2017 by Darpan Sanghvi and Priyanka Gill.
The company claims to be India’s fastest-growing D2C beauty brand, with a range of over 600 cruelty-free and vegan products across categories such as makeup, skincare, and personal care.
It will use the capital raised in this Series C fundraise to invest in product development, technological infrastructure, offline expansion, and working capital.
Gill added that the startup will enhance its influencer capabilities as well as consolidate the reach of its digital platforms, POPxo and Plixxo.
In August last year, MyGlamm acquired POPxo, a women-centric content platform. At the time, the company said the acquisition would help it become one of the largest 3C (content, community, and commerce) companies in South Asia.
As part of the transaction, POPxo investors including Chiratae Ventures, Kalaari Capital and Neoplux Venture Capital joined MyGlamm backers including Bessemer Venture Partners, L’Occitane, Manekar Family Office, and Tano Capital.
“We have been tracking MyGlamm for over 15 months and are very impressed with the way they handled Covid uncertainty as well as built strong internal capabilities including POPxo acquisition,” Wipro Consumer managing partner Sumit Keshan said.
According to VCCEdge, MyGlamm raised around Rs 33 crore in June last year by issuing Series B preference shares to investors including Tano Capital, L’Occitane, and Bessemer Venture Partners.
In February last year, it raised around Rs 12 crore from venture debt firm Trifecta Capital.
In June 2019, the beauty and makeup products brand raised Rs 100 crore (around $14.42 million) in a round led by Bessemer and Mankekar Family Office. L’Occitane also participated in that funding exercise.
