Beauty and makeup products brand MyGlamm has acquired women-centric content platform POPxo.
MyGlamm, run by Sanghvi Beauty and Technologies Pvt Ltd, said the acquisition will help it become one of the largest 3C (content, community, and commerce) companies in South Asia.
As part of this transaction, POPxo investors including Chiratae Ventures, Kalaari Capital and Neoplux Venture Capital will join MyGlamm backers including Bessemer Venture Partners, L’Occitane, Manekar Family Office, and Tano Capital.
The deal sum was not disclosed.
POPxo founder and chief executive Priyanka Gill will join MyGlamm’s board and leadership. The two companies claim that they collectively have a community strength of over 50 million women.
“With this acquisition, MyGlamm will further be able to connect with the millennial women, reach uncharted geographies, and work with POPxo in identifying emerging consumption patterns to co-create tomorrow’s beauty trends,” MyGlamm founder and chief executive Darpan Sanghvi said.
Both companies say that they will also leverage their respective capabilities and network of over 45,000 influencers to co-create, launch, and market products in the beauty and lifestyle categories.
MyGlamm, set up in 2015, began by offering on-demand beauty services, and pivoted to creating a line of products in 2017.
The company claims to have grown over 400% in the past 12 months and says it currently has more than 600 stock keeping units (SKUs) across the makeup, skincare, and personal care segments.
According to VCCEdge, the data research arm of Mosaic Digital, MyGlamm raised around Rs 33 crore in June by issuing Series B preference shares to investors including Tano Capital, L’Occitane, and Bessemer Venture Partners.
In February, it raised around Rs 12 crore from venture debt firm Trifecta Capital, as per VCCEdge.
In June last year, the beauty and makeup products brand raised Rs 100 crore (around $14.42 million) in a round led by Bessemer and Manekar Family Office. L’Occitane also participated in that funding exercise.
MyGlamm had raised $6 million in Series A funding from L’Occitane International, Tano Capital and Brand Capital in 2016. Sanghvi Brands, a sister company, is the franchisee of L’Occitane Spa in India. Tano had invested Rs 62 crore in Sanghvi Brands in 2014.