MyGlamm gets additional Rs 355 crore in funding led by Accel

Amazon, myglamm funding, POPxo, Darpan Sanghvi, Wipro Consumer, MyGlamm, acquired POPxo, boosted the business of online-led brands

MyGlamm, an omnichannel direct-to-consumer beauty brand, has raised an additional Rs 355 crore in series C funding led by Accel, taking the total funds raised in the round to Rs 530 crore, making it the highest amount raised by a beauty brand in a series C round in India.

The company, which had raised Rs 175 crore in March when the round opened, is now valued at Rs 2,000 crore, almost three times more than its previous valuation of $100 million (Rs 745 crore), said people aware of the matter.

The company will use the funds for product development, supporting data science and technology research, increasing offline expansion, fund working capital requirements and expanding content creation capabilities and digital reach of POPxo and Plixxo, Darpan Sanghvi, cofounder of MyGlamm, told ET.

“We have witnessed higher pace of growth in the last three months and given the investor interest, we decided to expand our series C round to accommodate a tech driven fund such as Accel. We expect to leverage their tech expertise to further grow our platforms,” said Sanghvi.

The company is expected to clock Rs 750 crore in revenue by the end of the current calendar year. Its current revenue run rate is Rs 480 crore.

The beauty retailer raised capital from Ascent Capital, Amazon and Wipro Consumer in March, making it the first company Amazon has backed in the consumer segment in India.

“We look to enter the hair care segment,” said Sanghvi.

Amazon, myglamm funding, POPxo, Darpan Sanghvi, Wipro Consumer, MyGlamm, acquired POPxo, boosted the business of online-led brands
Graphic: Rahul Awasthi

MyGlamm sells products across makeup, skincare, haircare, bath body and personal care. The company is acquiring 250,000 new customers every month and is present across 15,000 point of sales (POS) across 70 cities in India.

“By December 2021, we plan to have 35000 to 40,000 POS across 100 cities of India and 1,000 stock keeping units across makeup, skincare, haircare and personal care,” said Sanghvi.

Last year, the company acquired POPxo and has seen its monthly active user count grow to 60 million from 48 million in September 2020.

New-age, digital-first personal care and beauty brands such as Nykaa, Purplle, Sugar Cosmetics, Mamaearth and Plum Cosmetics have attracted the interest of risk investors. The pandemic has boosted the business of online-led brands as it has hastened digital adoption by consumers and led them to increasingly buy these products. Most of these companies have closed a funding round in the past three months or are in the process of announcing one.

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