Amazon-Backed MyGlamm Closes Sequence C Funding Spherical At $71 Mn

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Amazon-Backed MyGlamm Closes Sequence C Funding Spherical At  Mn



The most recent funding from Accel is a part of INR 355 Cr top-up for MyGlamm after it opened its Sequence C spherical in MarchExisting traders Bessemer, L’Occitane, Ascent, Amazon, Mankekar household, Trifecta, and Strides Ventures additionally participatedBesides MyGlamm, the quickly rising D2C magnificence section options manufacturers equivalent to Mamaearth, Nykaa, WOW Pores and skin, Plum, and SUGAR Cosmetics Direct-to-consumer (D2C) magnificence model MyGlamm has closed its Sequence C funding spherical at INR 530 Cr ($71 Mn), with investments from Accel and current traders. The Accel funding is a part of INR 355 Cr top-up being raised by MyGlamm on this spherical, along with the prevailing INR 175 Cr it had closed in March 2021, when Amazon India, Ascent Capital and Wipro Client has invested within the firm.The D2C magnificence startup was valued at greater than $100 Mn submit the funding spherical in March, although given the funding quantity, the corporate’s valuation is more likely to have risen. MyGlamm didn’t reveal its post-money valuation and we have now reached out to the corporate to get an replace on the identical.Apart from Accel, the corporate’s current traders Bessemer Enterprise Companions, L’Occitane, Ascent, Amazon, Mankekar household, Trifecta, and Strides Ventures additionally participated within the top-up spherical, which might go in direction of product growth, knowledge science and know-how analysis, offline growth, and increasing the content material creation capabilities and digital attain of MyGlamm-owned POPxo and Plixxo. In June, Bollywood actor Shradha Kapoor additionally invested an undisclosed quantity within the firm. The actress was additionally introduced on board as the corporate’s model ambassador.Based in 2017 by Darpan Sanghvi, MyGlamm affords 800+ cruelty-free and vegan magnificence merchandise in cosmetics, skincare, and private care classes. Apart from its native ecommerce platform, MyGlamm additionally has over 10,000 offline factors of gross sales throughout 70 cities in India.Final yr, MyGlamm acquired Delhi-based women-centric digital media and ecommerce platform POPxo for an undisclosed quantity, which noticed POPxo founder Priyanka Gill be part of MyGlamm as a cofounder. MyGlamm’s Sanghvi and POPxo’s Gill instructed Inc42 final yr that the acquisition will assist the businesses mix their forces to change into a a lot stronger women-focused platform magnificence platforms that create a a lot nice and stronger journey for on-line prospects.Enterprise capital traders have been fairly lively within the magnificence area. D2C startups working within the beauty-cosmetics-personal care section raised near $700 Mn in funding since 2014.Apart from MyGlamm, the quickly rising D2C magnificence section options manufacturers equivalent to Mamaearth, Nykaa, WOW Pores and skin, Plum, and SUGAR Cosmetics, all of that are targetting omnichannel retail in metros and Tier 1/2 cities. SUGAR Cosmetics raised $21 Mn in a Sequence C spherical led by Elevation Capital in February this yr, whereas private care model Juicy Chemistry secured $6.3 Mn in its Sequence A funding from Verlinvest. Additional, on-line magnificence retailer Purplle raised $45 Mn from Sequoia Capital India, Verlinvest, JSW Ventures and others.The acquisition of POPxo and leveraging its content material is important to MyGlamm’s plans. As seen in Inc42‘s current in-depth article on the D2C magnificence ecommerce area, content material is a key progress driver within the magnificence business and associated segments.Indian manufacturers like Purplle, Nykaa and MyGlamm have invested closely into content material and, in some circumstances, acquired corporations with sturdy networks of content material creators throughout in style platforms like Instagram, Fb, YouTube, Snapchat, TikTok, Moj, Chingari, Trell and different social networks.



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