Online beauty product platform MyGlamm has raised $4.35 million (Rs 33.08 crore) in a Series-B round of funding from its existing investors. Headquartered in Mumbai, the funding was raised by MyGlamm’s parent Sanghvi Beauty and Technologies via rights basis. MyGlamm is backed by French cosmetic major L'Occitane International.
According to an independent valuation report, the round values MyGlamm at $73.6 million, as on December 31, 2019, separate filings show. Since its inception in 2015, MyGlamm has raised $17.21 million from these investors, according to data available with VCCEdge.
MyGlamm sells beauty and makeup kits on its website, including brand products of fashion designer Manish Malhotra. It also partners with offline retail stores such as Lifestyle and Shoppers Stop. Besides MyGlamm, Sanghvi also runs an offline beauty and wellness business called Sanghvi Brands, which operates the franchise of L’Occitane Spa and other salons and spas such as Warren Tricomi, Elle Spa & Salons and Holyfield Gyms.