MyGlamm, a direct-to-consumer (D2C) beauty brand, has closed Rs 175 crore Series C funding round with investments from Ascent Capital, Amazon, and Wipro Consumer. This investment valued the company at over $100 million valuation mark.
The funding is also one of the first investments made by Amazon in a beauty brand in India. It puts MyGlamm in the league of beauty and personal care D2C startups like SUGAR Cosmetics, Purplle, Plum, and Juicy Cosmetics that have raised money from investors in the recent past.
Darpan Sanghvi, founder and CEO, MyGlamm, said, “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.”
The fresh capital will be utilized by the company to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements, and expand content creation capabilities and a digital reach of its other digital content verticals POPxo and Plixxo.
Vasanthakumar, Partner, Ascent Capital, stated, “Excited to back MyGlamm, with its formidable founders and clear strategy the company is poised to be a significant player in direct-to-consumer segment.”
Sumit Keshan, Managing Partner, Wipro Consumer – Ventures, added, “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. We are very confident of their growth story and excited to be part of it and backing them.”
Founded by Darpan Sanghvi in 2017, MyGlamm provides more than 600 cruelty-free and vegan products across makeup, skincare, and personal care reaching out to over 10,000 offline points of sales across 70 cities in India. The brand is aiming to increase the network to 25,000 POS this year.