MyGlamm raises ₹175 cr from Amazon, Wipro, others
This marks one of the first investments made by Amazon in a beauty brand in India.
Direct-to-consumer beauty brand MyGlamm on Thursday said it has raised ₹175 crore in Series C funding round with investments from Ascent Capital, Amazon and Wipro Consumer.
The company said that with this fresh round of funding, it has crossed a valuation of over ₹725 crore (USD 100 million).
“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," MyGlamm founder and Chief Executive Officer Darpan Sanghvi said in a statement.
This also marks one of the first investments made by Amazon in a beauty brand in India, it said.
Founded in 2017, MyGlamm focusses on over 600 cruelty-free and vegan products across makeup, skincare and personal care.
MyGlamm also has over 10,000 offline points of sales across 70 cities in India. The company will be utilising its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements etc.
MyGlamm claims to have registered growth of 400 per cent in 2019. It acquired an online community platform for women, POPxo, to increase its digital reach and also influencer marketing platform Plixxo.
The company has doubled down on offline retail expansion by increasing its point of sales from 500 to 10,000, while also investing in opening beauty experience stores in Mumbai.