Omnichannel direct-to-consumer beauty brand MyGlamm said it has raised an additional Rs 355 crore or $47 million as part of its Series C financing round led by Accel, along with participation from existing investors including Amazon.
This fundraise follows the Rs 175 crore or $24 million the Mumbai-based startup had raised in March 2021 as part of Series C funding led by Ascent Capital, Amazon and Wipro Consumer, taking the total capital raised in the round to Rs 530 crore or $71 million.
While the company did not disclose its latest valuation, following the March 2021 round, it claimed to be valued at $100 million (Rs 740 crore approx.)
The March financing round had come after a gap of nearly 20 months for the company when it had raised Rs 100 crore in June 2019.
MyGlamm had acquired Oppo-funded POPxo in August last year. Since then, it has been jointly run by Darpan Sanghvi and women-centric community platform POPxo’s Priyanka Gill as co-founders.
MyGlamm said it will use the fresh capital to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and the digital reach of POPxo and Plixxo. The significant content play makes it unique among the many omnichannel beauty and wellness brands.
The company claims to offer more than 800 vegan products across makeup, skincare, and personal care. While it is digital-first, MyGlamm also claims to have over 10,000 offline points of sales across 70 cities in India.
During FY20, MyGlamm had registered revenue from operations at Rs 44 crore, up from Rs 13.7 crore in the previous year. The company saw a 2.3X jump in expenses to Rs 110.3 crore in FY20 and incurred a loss of Rs 63.8 crore during the period.
In the D2C beauty brand space, MyGlamm directly competes with Sugar Cosmetics, Mamaearth, Juicy Chemistry and Plum. Mamaearth recently raised $50 million in a round led by Belgian investment fund Sofina in participation with existing backer Sequoia Capital at a valuation of $730 million.
Juicy Chemistry meanwhile had raised $6.3 million in its Series A financing round at an estimated valuation of $26 million.
Both Mamaearth and Sugar Cosmetics had demonstrated significant growth and crossed the Rs 100 crore revenue mark in FY20.
In the men’s D2C grooming segment, The Man Company had raised around Rs 50 crore or $7 million primary capital from Emami in June. The round was exclusively reported by Entrackr.