MyGlamm Closes INR 530 Cr In Series C Funding
The startup will be utilizing 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
Direct-to-consumer (DTC) beauty brand MyGlamm informed on Tuesday to have closed its Series C funding round at INR 530 crore, with a top-up of INR 355 crore to the existing INR 175 crore it had closed in March of this year.
The INR 355 crore top-up has been led by marquee global venture capital firm, Accel, along with participation from existing MyGlamm investors.
"We have always admired a high-quality firm like Accel from the outside and it is a privilege to now have them on the inside at MyGlamm. Their track record and expertise on what it takes to build a consumer internet business in India is something that we look forward to tapping into. We are delighted to have closed our Series C and are excited to focus on execution and fulfilling our vision of creating India's largest beauty company, with great brands and products built on the back of DTC, digital and data," said Darpan Sanghvi, founder, and chief executive officer, MyGlamm.
This is the largest amount of capital raised by any beauty brand in India in its Series C round. This also marks one of the largest growth cheques written by Accel in India.
MyGlamm had opened its Series C earlier in March this year with an INR 175 crore investment from Ascent Capital, Amazon, and Wipro. And it has now closed Series C with an additional INR 355 crore that saw Accel lead the round with participation from Bessemer Venture Partners, L'Occitane, Ascent, Amazon, Mankekar family, Trifecta, and Stride Ventures.
"We believe that the time is ripe for building out digital-first consumer packaged goods (CPG) brands with a deep focus on content-to-commerce. COVID has only cemented this belief. The unique combination of content coupled with a compelling product line gave us the conviction to lead this round in MyGlamm. We are excited to partner with Darpan, Priyanka, and the MyGlamm team and look forward to building out the next generation CPG giant," noted Anand Daniel, partner, Accel.
Founded in 2017 by DarpanSanghvi and co-founded by Priyanka Gill, MyGlamm is India's fastest growing D2C beauty brand offering a range of 800+ cruelty-free and vegan products across makeup, skincare, and personal care. While it is digital-first, MyGlamm also has over 10,000 offline points of sales across 70 cities in India.
"It is a matter of great pride to welcome marquee investor Accel to the MyGlamm family. Their investment closes out our Series C fundraise and I am very excited to be working alongside Darpan on our mission to make MyGlamm India's largest beauty company and scale up POPxo and Plixxo, strengthening our content-to-commerce moat," added Priyanka Gill, co-founder, MyGlamm.
MyGlamm will be utilizing 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.