MyGlamm Enters Unicorn Club After Raising Funds From Prosus Ventures, Others

Direct-to-consumer (D2C) beauty brand MyGlamm has entered the coveted unicorn club after raising $150 Mn in its Series D round. The new funding round has been co-led by Prosus Ventures, Warburg Pincus, along with participation from Alteria Capital and existing investor L’Occitane, Bessemer Ventures, Amazon, among others. 

The fresh round of investment includes both primary and secondary sales. 

MyGlamm has now become the country’s 34th unicorn for this year and 76th overall. 

The Good Glamm Group which operates MyGlamm will utilise the fresh capital to invest in product development, support data science and technology research. The startup also intends to increase its offline presence.

In its press statement, the company said that it is the first D2C beauty and personal care brand to have achieved unicorn status. However, in reality, Nykaa whose shares will start trading on the BSE and NSE tomorrow, entered the unicorn status last year, making it the first beauty and personal care unicorn. Nykaa runs a beauty marketplace while also has its own private label brands. 

Founded in 2017 by Darpan Sanghvi, MyGlamm claims to offer more than 800 cruelty-free and vegan beauty products in cosmetic, skincare, and personal care categories. Apart from this, MyGlamm also has over 30,000 offline retail points of sale. 

The fresh investment comes only three months after it raised $71 Mn in its Series C round. Back then Accel Partners led the round along with its existing investors. 

On the development, Sanghvi who is the founder and CEO of Good Glamm Group said, “Entering the Unicorn Club marks Day 1 for all of us at the Good Glamm Group. And we  couldn’t be more excited and privileged to embark on the journey from 1 to 10, with Prosus  and Warburg, who bring incredible strength and experience to our company.”

MyGlamm: Banking On Acquisitions 

MyGlamm has to date already spent $270 Mn to date on acquisitions.

• August, 2020: MyGlamm acquired Delhi-based women-focused digital media and ecommerce platform POPxo for an undisclosed amount 
• August, 2021: MyGlamm acquired D2C beauty and personal care startup MyGlamm has acquired Mumbai-based parenting platform BabyChakra
• October, 2021 : Good Glamm Group acquired D2C mom and baby brand The Moms Co. to further strengthen its growth across South Asia
• October, 2021: Good Glamm Group acquired digital media and lifestyle content platform ScoopWhoop.

MyGlamm claims that these acquired beauty brands — POPxo, BabyChakra, and MomsCo leverage MyGlamm Group’s proprietary digital assets, which comprise of POPxo’s 88 Mn female users ScoopWhoop’s 100 Mn users,  BabyChakra’s 20 Mn mother users, among others.

MyGlamm competes against the likes of SUGAR Cosmetics, Purplle, WoW Skin, Mamaearth, Nykaa, among others. Recently, Purplle also raised $75 Mn in its Series D round led by Kedaara Capital taking its valuation close to 500 Mn

As per a Statista report, the Indian skincare market generated revenue worth $7.2 Bn in 2021 and is expected to grow at 5.62% CAGR between 2021 – 2025.