MyGlamm, which is a beauty brand, has now secured INR 100 crore led by the Mankekar and Bessemer Venture Partners, which is valuing the company to be around INR 500 crore.
Some of the existing investors include the L’Occitane, which is a cosmetic and beauty brand, also participated in the funding round.
MyGlamm is direct to consumer beauty brand company, which helps to differentiates itself on content and celebrity-led marketing to retain and lure customers. The company has an INR 60 crore annual run rate, with the retention of customer rate of around 50%.
MyGamm also has a plan to launch in South Eastern Asia and the Middle East this year.
“We believe that there is a complete dearth of beauty brands in India and the new millennial customer is looking to discover her brand online and on social media,” said Darpan Sanghvi, founder, MyGlamm. “We are using technology and content to not only allow customers to discover us, but to also engage intelligently with them after they have purchased our products,” he said.
Source: MyGlamm
