Direct-to-consumer (DTC) beauty brand MyGlamm has closed its Rs 530-crore (about $71.21 million) financial round backed by a clutch of investors including Accel, Bessemer Venture Partners, Strides Ventures, Trifecta and Wipro.
The funding which is part of the company’s series-C investment round has been raised in two tranches — a recent Rs 355 crore funding led by Accel along with participation from existing investors and a `175 crore it had secured from Ascent Capital, Amazon and Wipro in March.
The firm’s valuation stands at over $300 million posts this funding, sources aware of the development said.
“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 said in a statement.
The company will use the fresh capital to expand its offline footprint, fund working capital requirements and support data science and technology research. Besides, a portion of the funds will also be deployed to broaden the content creation capabilities and digital reach of POPxo and Plixxo. MyGlamm acquired women-centric content platform POPxo in August 2020. Influencer marketing platform Plixxo is an affiliate of POPxo.
The strategy behind the acquisition of POPxo was to attract more customers. As of June 2021, MyGlamm had been acquiring 250,000 new customers every month. Before the acquisition, the number stood at about 30,000, the company claims. The MyGlamm-POPxo-Plixxo combined Content to Community to Commerce platform in India has about 88 million annual female users, 150,000 influencers and garnered some 1.5 billion annual video views, the Mumbai-based firm said.
Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm offers a range of over 800 and vegan products across makeup, skincare and personal care. The company also has over 10,000 offline points of sales across 70 cities in India.
“We believe that the time is ripe for building out digital first 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,” said Anand Daniel, Partner at Accel.