Mumbai based D2C beauty and personal care company MyGlamm has announced that Bollywood actress Shradha Kapoor has invested an undisclosed amount in the company. The actress would also take on the role of the company’s brand ambassador moving forward.
Founded in 2017 by Darpan Sanghvi and Priyanka Gill, the company offers over 600 cruelty free products across the range of beauty, skin care and personal care. While it is majorly digital, MyGlamm also has over 10,000 physical sales points across 70 cities in the country.
The company is also backed by investors such as Ascent Capital, Amazon and Wipro Consumer Care from whom it raised INR 175 Cr in March earlier this year.
With 62 Mn followers on Instagram, Kapoor will help in bringing the company a larger audience and user base for its products.
“We have always admired Shradha for her beauty and cruelty free philosophy, and how she connects and resonates with her over 60 million Instagram followers. Shraddha as an investor in MyGlamm join us on this journey of creating the country’s largest beauty company,” said Darpan Sanghvi, founder and CEO, MyGlamm.
MyGlamm utilises technology, social media and content to allow its customers to discover new products and also to create a rich post purchase experience through tutorials and videos.
Female content platform POPxo and Plixxo, an influencer management platform, are part of the MyGlamm group. The MyGlamm-POPxo-Plixxo combine, claims to be the largest ‘Content to Community to Commerce’ platform in India, with 88 million annual female users, having 1.5 billion annual video views, and 150,000 influencers onboarded.
Kapoor stated that the Indian D2C beauty market would grow rapidly and would be the future.
Several brands such as Nykaa, Sugar, Mamaearth, Wow Skin Science, Skinkraft and Plum have gained popularity in fields across beauty, cosmetics and personal care. Currently, India has over 80 D2C brands in these sectors.
D2C startups have lately received larger investor attention in the past few quarters. According to Inc42 Plus’ latest funding data, in the quarter of the year ended March 2021 (Q1 2021), D2C startups raised $142 Mn, which was 27% of the total funding for ecommerce startups. More importantly, between Q1 2020 and Q1 2021, the funding amount for D2C startups has registered a 93% average quarterly growth.
Some of the major Indian D2C startups to raise funding in Q1 2021 include consumer electronics tech startup boAt, which raised $100 Mn in a venture round from Warburg Pincus; Sugar Cosmetics, which raised $21 Mn in a Series C round led by Elevation Capital; and, personal care brand Juicy Chemistry, which raised upl$6.3 Mn in a Series A round led by Belgium-based family-owned private investment firm Verlinvest. Bombay Shaving Company, Zouk and Bewakoof were some of the other prominent D2C startups which raised funding in the first quarter of 2021, ending March.