D2C Brand MyGlamm Raises INR 175 Cr In Series C Round
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D2C beauty brand MyGlamm on Friday announced raising of INR 175 crore in its series C round led by Ascent Capital, Amazon and Wipro Consumer.
The company will utilize the capital infusion to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo.
Founded by Darpan Sanghvi and co-founded by Priyanka Gill in 2017, MyGlamm boasts of becoming the fastest growing D2C beauty brand offering a range of over 600 cruelty-free and vegan products across makeup, skincare and personal care. MyGlamm also has over 10,000 offline points of sales across 70 cities in India.
“It is extremely exciting to have Ascent Capital, a prolific investor in the Indian consumer internet space, along with two incredible investors with strong experience in building brands, Amazon and Wipro Consumer, join our cap table. Through L’Occitane’s investment in MyGlamm, I have experienced first-hand the value that such investors can bring to a start-up. And we are really excited about all that we will be able to learn from both, Amazon and Wipro Consumer along with the financial rigor that Ascent Capital brings, as we move forward to fulfil our vision of building India’s largest beauty company leveraging DTC, digital, and data.” Says Darpan Sanghvi, Founder and CEO, MyGlamm.
Priyanka Gill, Co-Founder & President, MyGlamm adds “When POPxo-Plixxo was acquired by MyGlamm in August 2020 - Darpan and I laid out an ambitious roadmap. Not only did we meet our goals ahead of plan - but we surpassed them. Now, with this fundraise, we will further invest in enhancing our content and influencer capabilities to not only build out MyGlamm as India’s largest beauty company but also consolidate POPxo as the India’s leading digital destination for women and Plixxo as India’s most engaging influencer platform.”
The company will be utilising its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo.
Vasanthakumar, Partner, Ascent Capital commented, “Excited to back MyGlamm, with its formidable founders and clear strategy the company is poised to be a significant player in Direct-to-Consumer segment.” Ascent was the first investor in India's largest online grocery delivery service BigBasket. Ascent also backed other consumer brands such as FreshToHome (India's largest seafood and meat brand) and Curefit (fully integrated wellness platform).
SumitKeshan, Managing Partner, Wipro Consumer – Ventures said - “We have been tracking MyGlamm for over 15 months and are very impressed with the way they handled Covid uncertainty as well as built strong internal capabilities including POPxo acquisition. We are very confident of their growth story and excited to be part of it and backing them.”
In 2019, MyGlamm grew 400%, and on the back of which, it began its Series C round in early 2020 with an aim to announce the fund raise in April 2020. But with the national lockdown due to the Covid-19 pandemic, revenues came to a screeching halt, down to zero, as a result, the Series C round was put on hold. Once the lockdown was lifted, existing investors L’Occitane, Bessemer Venture Partners, the Mankekar family and Trifecta Capital re-initiated the Series C round with a renewed investment in MyGlamm.
The company then went on to make some bold moves - MyGlamm exponentially increased its digital reach by acquiring POPxo, India’s largest online community of women with 88 million female users and Plixxo, an influencer marketing platform with 75,000 influencers onboarded - and at the same time MyGlamm doubled down on offline retail expansion by increasing its point of sales from 500 to 10,000 while also investing in opening India’s largest beauty experience store in Mumbai.
These moves paid off, as MyGlamm came out of Covid-19 with revenues that were nearly 200% of pre-Covid levels while also achieving EBITDA profitability. Once EBITDA profitability was achieved, the Series C round was opened to new investors in December 2020.
With the Series C round MyGlamm becomes the fastest beauty brand to cross the $100million valuation mark in just three years of launch.