MyGlamm raises Rs 175 cr from Ascent Capital, Amazon, Wipro Consumer, others

By: |
March 18, 2021 5:43 PM

Founded in 2017, MyGlamm focusses on over 600 cruelty-free and vegan products across makeup, skincare and personal care.

FundingDotPe co-founder Shailaz Nag told PTI that Info Edge Ventures has doubled down on its seed investment in the company made last year and has more than doubled its shareholding.

Direct-to-consumer beauty brand MyGlamm on Thursday said it has raised Rs 175 crore in Series C funding round with investments from Ascent Capital, Amazon and Wipro Consumer.

The company said that with this fresh round of funding, it has crossed a valuation of over Rs 725 crore (USD 100 million).

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,” MyGlamm founder and Chief Executive Officer Darpan Sanghvi said in a statement.

This also marks one of the first investments made by Amazon in a beauty brand in India, it said.

Founded in 2017, MyGlamm focusses on 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.?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 etc.

MyGlamm claims to have registered growth of 400 per cent in 2019. It acquired an online community platform for women, POPxo, to increase its digital reach and also influencer marketing platform Plixxo.

The company has doubled down on offline retail expansion by increasing its point of sales from 500 to 10,000, while also investing in opening beauty experience stores in Mumbai.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1CLCSS: Small businesses supported in FY21 under technology upgradation scheme highest in five years
2Over 82% small businesses had negative Covid impact; lack of market access top challenge: Survey
3RBI loan moratorium of little help for MSMEs as business recovery to repay remained low, say experts