The funds will put MyGlamm in the league of beauty and personal care startups such as Sugar Cosmetics, Purplle, Plum and Juicy Cosmetics.
MyGlamm, a direct-to-customer beauty brand raised a sum of Rs.175 crore in Series C round from Ascent Capital, Amazon and Wipro. This is one of the first investments made by Amazon in a beauty brand in India.
According to Darpan Sanghvi, Founder and CEO of MyGlamm,
“We are really excited about all that we will be able to learn from both, Amazon and Wipro Consumer along with the financial rigour that Ascent Capital brings, as we move forward to fulfil our vision of building India’s largest beauty company leveraging DTC, digital, and data.”
The funds raised will be channeled to product development, supporting research on data science and technology, offline expansion, and to elevate the content creation capabilities and reach of its digital platforms- POPxo and Plixxo. The funds will prove to be a significant catalyst for the company, backing the content and influencer capabilities while also providing the digital platforms with a speed boost to increase their reach and engagement with the consumers. It also adds MyGlamm to the list of those beauty brands such as Sugar Cosmetics, Juicy Cosmetics and Plum which have recently raised money from investors.
Manish Tiwari, Vice President of Amazon India, commented,
“Amazon remains committed to backing home grown startups and brands that share our customer focus and belief in accelerating their growth through digital commerce. We are excited by the innovative products and brand experience that MyGlamm brings to Indian customers in a high-salience category like beauty which is deeply personal to customers.”
MyGlamm is the brain child of founders, Priyanka Gill and Darpan Sanghvi. After its inception in 2017, the company exhibited a strong growth trajectory and user retention within 18 months of its launch. It experienced a growth of 400 percent in 2019 followed by its Series C round in early 2020. Across the categories of makeup, skincare and personal care, it offers more than 600 cruelty free and vegan products.
The brand has never backed away from daring moves to put itself in line with success and leadership. Its acquisition of the leading digital platforms POPxo and Plixxo has been monumental in increasing its digital reach. Also, by investing in opening India’s largest beauty experience store in Mumbai and by tenaciously increasing its sales from 500 to 10,000 for offline retail expansion, the brand has proven to be headstrong and prudent in creating a promising future.
According to Wipro managing partner, Sumit Keshan,
“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.”