About half of the funding will come from new investors, while existing investors, including Prosus Ventures and Bessemer Partners, will infuse the remaining amount
The startup is eyeing its IPO by Diwali next year and the funding round will help it start the preparations for the public listing
The fresh funding round comes almost three years after The Good Glamm Group entered the unicorn club by raising funds at a valuation of $1.2 Bn
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Content-to-commerce platform The Good Glamm Group is in final stages of discussion to close a $70 Mn funding round, as it gears up for its initial public offering (IPO) next year, sources told Inc42.
The Series E funding round will see participation from a couple of new investors as well as existing investors. The startup is likely to close the round at a valuation of $1.2 Bn, same as its last funding round.
“The ongoing round is unlikely to see the exit of any investors as everybody will hold their stakes till the IPO,” one of the sources said.
The startup is eyeing its IPO by Diwali next year and the funding round will help it start the preparations for the public listing.
Existing investors like Prosus Ventures, Bessemer Partners, Accel, and Warburg Pincus will be participating in the fundraise, Inc42 learnt. The startup’s filing with the Ministry of Corporate Affairs confirmed the same.
While the existing investors will be investing in the company via a rights issue, talks are currently on to finalise the terms for the new investors, the sources added. The existing investors will together pump in around $35 Mn in The Good Glamm Group, while the new investors will infuse the remaining $35 Mn.
A spokesperson of The Good Glamm Group declined to comment on Inc42’s queries about the funding round and IPO plans.
Darpan Sanghvi founded D2C brand MyGlamm in 2017, Priyanka Gill founded digital media platform POPxo in 2013, and Naiyya Saggi founded online parenting startup BabyChakra in 2015.
The three brands came together and rebranded as The Good Glamm Group in September 2021. Since then, The Good Glamm Group has acquired almost a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona.
Earlier this year, Gill left the group company to join early-stage venture capital firm Kalaari Capital as a venture partner.
Currently, The Good Glamm Group has four verticals – The Good Brands Co, which has a portfolio of D2C beauty and personal care brands, digital content platform The Good Media Co; tech-enabled influencer platform The Good Creator Co; and Good Community, an omni-channel network of consumers and experts focusing on beauty, parenting, sexual and intimate health.
The startup entered the unicorn club by raising $150 Mn in its Series D round in November 2021. The funding round was co-led by Prosus Ventures and Warburg Pincus. It also saw participation from Alteria Capital and existing investors L’Occitane, Bessemer Ventures, Amazon, among others.
The startup has raised a total funding of around $270 Mn till date.
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