In a bit to expand its presence in other cities, Mumbai based startup MyGlamm has raised a huge series A funding f $6-million from France based beauty products chain L’Occtaine. The existing investors, Tano Capital and Brand Capital, also participated in the round.
MyGlamm started in July 2015 with 450 services. Currently, they have 15,00 services with a pool of 1800 beauty professionals in Mumbai and Pune. It has a team of 75 people over the two offices. They plan to reach metros like Bengaluru, NCR, Hyderabad, Chennai, Jaipur, Indore and Ahmedabad this year. Plans are also in cue to expand to Middle East by 2017. It is the first one to grab investment from an overseas company.
Darpan Sanghvi, founder of MyGalmm, said, “Out of 1,800 professionals, 550 have visited our academies and 300 have finished certification with us and are active on MyGlamm.”
Contributing towards Narendra Modi’s Skill India initiative, it will set up new it will set up new training academics across India for providing training and certifications to beauty professionals. Currently, it has two training centres in Mumbai and Pune managed by 12 trainers.
MyGlamm delivers cose to 600 services a day. Darpan stated 65 percent of the orders come from Mumbai and 35 percent from Pune. The gross margins are in the range of 40-50 per cent.
Darpan is a mechanical engineer from Maharashtra Institute of Technology, Pune and an MBA from University in Barcelona, Spain. He also runs another brick-and-mortar spa and salon venture, Sanghvi Brands that was founded in 2010 and is currently operating in Inida, US and the Middle East.