Exclusive: MyGlamm Bags INR 33 Cr From Existing Investors Via Rights Issue

Exclusive: MyGlamm Bags INR 33 Cr From Existing Investors Via Rights Issue

SUMMARY

Investors include Tano India, L’Occitane, Bessemer among others

MyGlamm has issued 6,592 Series B CCPS at a face value of INR 50K

The company had previously raised INR 100 Cr last year

Mumbai-based beauty marketplace MyGlamm has raised INR 33 Cr in Series B from its existing investors Tano India Private Equity, L’Occitane International, Bessemer India, Trifecta Venture Debt Fund II and the company’s founder Darpan Sanghavi through Rights Issue.

According to the Ministry of Corporate Affairs filings accessed by Inc42, MyGlamm has issued 6,592 Series B preference shares at a face value of INR 50,176 each with a value aggregating to INR 330,760,192 on rights issue basis to all the members holding equity shares of the company.

It is looking to use this capital to meet the working capital requirements for continued operations and activities.

Prior to this, MyGlamm has raised INR 100 Cr ($14.47 Mn) from Bessemer Venture Partners, the Mankekar family office and L’Occitane in June 2019 at INR 500 Cr ($72.35 Mn) valuation. Tano Capital had also sold its stake worth INR 30 Cr in MyGlamm in the same fundraising round. It has also raised $6 Mn in 2016 from L’Occitane.

The company was founded in 2015 as a beauty products marketplace. The company bets on celebrity collaborations where it has tied up with Manish Malhotra, Daniel Bauer, Sidharth Malhotra and more. It claims to have INR 60 Cr annual run rate, with customer retention rates of over 50%.

According to the Ministry of Economy and Industry, the cosmetics and personal care industry is one of the fastest-growing consumer product sectors in India. The sector has also shown strong growth with increasing shelf space in retail stores and boutiques.

The report adds that the Indian beauty and personal care (BPC) industry is estimated to be worth $8 B and India’s per capita spend on these products is growing in line with India’s GDP growth.

Besides MyGlamm, Nykaa, Purplle and newU are also few beauty and cosmetics marketplaces in India. Earlier this month, Nykaa raised  INR 19.6 Cr from Sunil Kant Munjal, one of the founder promoters of the Hero Group.

Last month, Nykaa raised INR 167 Cr from its existing investor Asia-focused hedge fund Steadview Capital in two different tranches. The company is also in the process of raising additional INR 26.6 Cr from Lexdale. In April, it raised INR 100 Cr from American private equity firm TPG Growth, and valued at $724 Mn post the round.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Exclusive: MyGlamm Bags INR 33 Cr From Existing Investors Via Rights Issue-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Exclusive: MyGlamm Bags INR 33 Cr From Existing Investors Via Rights Issue-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Exclusive: MyGlamm Bags INR 33 Cr From Existing Investors Via Rights Issue-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Exclusive: MyGlamm Bags INR 33 Cr From Existing Investors Via Rights Issue-Inc42 Media
Exclusive: MyGlamm Bags INR 33 Cr From Existing Investors Via Rights Issue-Inc42 Media
You’re in Good company