Good Glamm Group, which owns direct-to-consumer beauty brand MyGlamm, has scooped up $150 million in its Series D round led by Prosus Ventures ( previously Naspers), Warburg Pincus along with the participation from Alteria Capital and existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office.
The company claims to be India’s first direct to consumer beauty and personal care company to reach unicorn status with a valuation of $1.2 billion. This is overall 35th startup and second D2C brand after Licious to attain unicorn status in 2021.
This is an almost 12-fold jump in the company’s valuation in eight months. The company was valued at around $100 million during the first tranche [$24 million] of its Series C round in March this year. The round was closed at $71 million in July at an undisclosed valuation.
Good Glamm Group will utilise the funds to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements. Besides, it will also expand the content creation capabilities and digital reach of POPxo, Plixxo, BabyChakra, The Moms Co. and ScoopWhoop.
Good Glamm Group has been on an acquisition spree since its first takeover [POPxo] in August last year. Since then, the company has associated five brands in its portfolio. Digital media and lifestyle content platform ScoopWhoop and direct to consumer D2C brand The Moms Co. are the latest addition to it.
The company claims that it has already made acquisitions and investments worth $270 million to date in beauty & personal care brands. According to Entrackr’s sources, the company is eyeing more acquisitions in the D2C beauty and personal care brands segment in the coming months.
Media reports also suggested that Good Glamm Group is looking for an IPO by the financial year 2023-24.