Direct-to-consumer beauty brand MyGlamm on Tuesday said it has received Rs 255 crore infusion from Trifecta Leaders Fund and others, and has earmarked Rs 750 crore to make strategic investments in innovative beauty and personal care brands. The company has also announced the formation of the Good Glamm Group to consolidate its position as a ‘Digital House of Brands’, powered by a content-to-commerce strategy.
“The company has topped up its series C fundraise with a Rs 255 crore infusion, led by an equity investment from the Trifecta Leaders Fund, and structured financing from Trifecta Capital and Stride Ventures. “With this additional funding, the Good Glamm Group has earmarked a Rs 750 crore war-chest to make strategic investments in innovative beauty and personal care brands,” a statement said.
It added that brands that come under the Good Glamm Group umbrella will be able to leverage a large digital audience comprising 88 million POPxo annual users, 220,000 Plixxo influencers, and Baby Chakra’s 20 million mothers’ community and 10,000 doctors network. This digital reach, combined with MyGlamm’s 20,000 offline points of sale gives the Good Glamm Group an unprecedented scale, further amplified by the Group’s expertise in DTC (direct-to-consumer) growth, new product development, and technology and data science, the statement said.
The ‘Good’ in the Good Glamm Group underscores the group’s commitment to inclusive beauty and cruelty-free, vegan and environment-friendly clean beauty products, it added. “Under The Good Glamm Group umbrella are fast-growing brands that solve key needs in every part of a woman’s life stage, from a tween to an adult. As we have added and strengthened these brands, we have grown multifold in the last 18 months. In this journey, we have partnered with high quality long-term investors like Trifecta Capital,” Good Glamm Group founder and CEO Darpan Sanghvi said.
In July, MyGlamm had announced raising Rs 355 crore in funding from Accel and others, taking the total funds raised in that round to Rs 530 crore. At that time, it had said its total fund raise had touched Rs 650 crore. MyGlamm is also backed by Amazon, Bessemer Venture Partners, Ascent Capital, Shraddha Kapoor, Tano Capital LLC, The Mankekar family, L’Occitane, and Wipro Consumer.