Direct-to-consumer beauty brand MyGlamm on Tuesday said it has raised Rs 355 crore in fresh funding from Accel, along with participation from existing investors, taking the total funds raised in this round to Rs 530 crore. MyGlamm had started its series C funding in March this year with a Rs 175 crore investment from Ascent Capital, Amazon, and Wipro. The series C round has now been closed with an additional Rs 355 crore being infused, a statement said.
Accel led the round along with participation from Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family, Trifecta, and Strides Ventures, it added. MyGlamm will utilise its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo. The company has raised Rs 650 crore in funding till date. While it is digital-first, MyGlamm also has over 10,000 offline points of sales across 70 cities in India.
“Their (Accel) track record and expertise on what it takes to build a consumer internet business in India is something that we look forward to tapping into. “We are delighted to have closed our series C and are excited to focus on execution and fulfilling our vision of creating India’s largest beauty company, with great brands and products built on the back of DTC, digital and data,” MyGlamm founder and CEO Darpan Sanghvi said. Founded in 2017, by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm is a DTC (direct-to -consumer) beauty brand offering a range of over 800 cruelty-free and vegan products across makeup, skincare, and personal-care categories.
In July 2020, MyGlamm had acquired POPxo-Plixxo making the MyGlamm-POPxo-Plixxo combined, the largest content to community to commerce platform in India with 88 million annual female users, with 1.5 billion annual video views and 1.5 lakh influencers onboarded. “We believe that the time is ripe for building out digital first CPG brands with a deep focus on content-to-commerce. COVID has only cemented this belief. The unique combination of content coupled with a compelling product line gave us the conviction to lead this round in MyGlamm,” Anand Daniel, Partner at Accel, said. The term CPG stands for consumer packaged goods.