Mumbai-based on-demand beauty services startup MyGlamm has raised $6 Mn in a funding round led by French cosmetics maker L’Occitane, reported ET. The round also saw participation from existing investors Tano Capital and Times Group-led Brand Capital.
Founded in 2015 by Darpan Sanghvi, MyGlamm is a marketplace for stylists/beauticians/nail and spa aestheticians to provide on-demand hair, beauty, nail & spa services at a consumer’s doorstep.
The startup claims that it does 600 services a day in Mumbai and Pune, with a customer repetition contributing to more than 60% of the business. “Repeat customers spend a lot more than new customers. New customers spend INR 1,500 on MyGlamm while repeat customers spend INR 2,900,” said Sanghvi.
Related Article: Bessemer Leads $14.47 Mn Funding Round In Beauty Marketplace MyGlamm
MyGlamm will use the raised capital to expand into new cities in India as well as overseas.
The startup is looking to raise another $4 Mn. “This is the first instance globally of a beauty company investing in a tech-enabled startup in the space. The strategic support of L’Occitane in our growth will also be a big differentiator over the competition.”
Apart from this, Darpan Sanghvi also runs an offline beauty and wellness business under another company called Sanghvi Brands, which has the master franchise of L’Occitane Spa and other high-end salons and spas like Warren Tricomi, Elle Spa & Salons and Holyfield Gyms.
The online beauty space is estimated to be $4 to $5 Bn industry and is expected to grow at a CAGR of about 20% year over year. Startups in space including Stayglad in Bangalore, BigStylist in Mumbai, Vanitycube in NCR, Vyomo in Delhi, Stylofie in Gurgaon and many more.
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