Direct-to-consumer (D2C) beauty brand MyGlamm has closed its Series C funding round at INR 530 Cr ($71 Mn), with investments from Accel and existing investors. The Accel investment is part of INR 355 Cr top-up being raised by MyGlamm in this round, in addition to the existing INR 175 Cr it had closed in March 2021, when Amazon India, Ascent Capital and Wipro Consumer has invested in the company.
The D2C beauty startup was valued at more than $100 Mn post the funding round in March, though given the investment amount, the company’s valuation is likely to have risen. MyGlamm did not reveal its post-money valuation and we have reached out to the company to get an update on the same.
Besides Accel, the company’s existing investors Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family, Trifecta, and Strides Ventures also participated in the top-up round, which would go towards product development, data science and technology research, offline expansion, and expanding the content creation capabilities and digital reach of MyGlamm-owned POPxo and Plixxo. In June, Bollywood actor Shradha Kapoor also invested an undisclosed amount in the company. The actress was also brought on board as the company’s brand ambassador.
Founded in 2017 by Darpan Sanghvi, MyGlamm offers 800+ cruelty-free and vegan beauty products in cosmetics, skincare, and personal care categories. Besides its native ecommerce platform, MyGlamm also has over 10,000 offline points of sales across 70 cities in India.
Last year, MyGlamm acquired Delhi-based women-centric digital media and ecommerce platform POPxo for an undisclosed amount, which saw POPxo founder Priyanka Gill join MyGlamm as a cofounder. MyGlamm’s Sanghvi and POPxo’s Gill told Inc42 last year that the acquisition will help the companies combine their forces to become a much stronger women-focused platform beauty platforms that create a much pleasant and stronger journey for online customers.
Venture capital investors have been reasonably active in the beauty space. D2C startups operating in the beauty-cosmetics-personal care segment raised close to $700 Mn in funding since 2014.
Besides MyGlamm, the rapidly growing D2C beauty segment features brands such as Mamaearth, Nykaa, WOW Skin, Plum, and SUGAR Cosmetics, all of which are targetting omnichannel retail in metros and Tier 1/2 cities. SUGAR Cosmetics raised $21 Mn in a Series C round led by Elevation Capital in February this year, while personal care brand Juicy Chemistry secured $6.3 Mn in its Series A funding from Verlinvest. Further, online beauty store Purplle raised $45 Mn from Sequoia Capital India, Verlinvest, JSW Ventures and others.
The acquisition of POPxo and leveraging its content is critical to MyGlamm’s plans. As seen in Inc42‘s recent in-depth article on the D2C beauty ecommerce space, content is a key growth driver in the beauty industry and related segments.
Indian brands like Purplle, Nykaa and MyGlamm have invested heavily into content and, in some cases, acquired companies with strong networks of content creators across popular platforms like Instagram, Facebook, YouTube, Snapchat, TikTok, Moj, Chingari, Trell and other social networks.