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.