Beauty Brand MyGlamm Acquires Women Centric Platform POPxo Post the acquisition, POPxo's existing investors-Chiratae Ventures, Kalaari Capital and Neoplux Venture Capital-will join MyGlamm's existing investors
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Mumbai-based direct to consumer beauty brand MyGlamm on Thursday acquired POPxo, a women-centric digital media and eCommerce platform, with an aim to become a top 3C (content+community+commerce) company in south Asia. Post the acquisition, POPxo's existing investors—Chiratae Ventures, Kalaari Capital and Neoplux Venture Capital—will join MyGlamm's existing investors.
Founder and chief executive officer (CEO), POPxo will also be joining the board and leadership team as co-Founder of MyGlamm.
Together both the companies represent a community of over 50 million women and have produced and sold millions of beauty products across makeup, skincare and personal care, and have over 45,000 influencers on their platforms.
Post-acquisition, POPxo will continue to create engaging content across all platforms for women in India. As part of the acquisition, Plixxo will continue to fulfil the group's mission and also amplify brands as India's largest influencer platform.
Commenting on the acquisition, Darpan Sanghvi, founder and CEO, MyGlamm, said, "Both MyGlamm and POPxo have been built for the Indian female consumer and are equally committed to supporting women in every sphere of their lives. With this acquisition, MyGlamm will further be able to connect with the millennial women, reach uncharted geographies, and work with POPxo in identifying emerging consumer needs and consumption patterns to co-create tomorrow's beauty trends."
Priyanka Gill, founder & CEO, POPxo & co-founder, MyGlamm, said, "The POPxo vision has always been to build a content-community-commerce destination for women in India, with MyGlamm we have found a powerful partner with proven strengths in producing and selling beauty products at scale. Together we will leverage the power of content to meaningfully engage with and truly listen to our users to co-create products they really want."
MyGlamm launched its products in October 2017. The products, which are available both online and offline, are sold in over 50 cities. With INR 140 crore of annualized revenue, MyGlamm has grown over 400 per cent in the past 12 months and is projecting to grow to an annualized revenue of INR 400 crore by December 2021. Currently, MyGlamm has around 600 SKUs across makeup, skincare and personal care, and has recently launched a line of sanitizing and disinfecting personal care products, WIPEOUT, to help you stay safe anytime, anywhere.
