Beauty products retailer MyGlamm has acquired women-centric digital platform POPxo, to expand into the online content space.
WHO: POPxo is a 3C (Content, Community, Commerce) company with over 43 million monthly active users across all platforms. The company’s platform is based on a digital publication that creates stories, videos, and social media content in six languages about the things young Indian women care about including fashion, beauty, lifestyle, weddings, and work-related topics, enabling women to lead their lives through data-driven insights.
Mumbai-based MyGlamm, run by Sanghvi Technologies Pvt. Ltd, was founded in April 2015 by Darpan Sanghvi. The company launched by offering on-demand beauty services, but in 2017 changed to create a line of beauty products. The current business is a beauty products marketplace primarily focused on color cosmetics and betting on celebrity collaborations. MyGlamm retails its products both online and offline with over 2,000 points of sales across 50 cities in the country.
WHY: The acquisition will help MyGlamm and POPxo co-create, launch, and market products in the beauty and lifestyle category.
IN THEIR OWN WORDS: Priyanka Gill, founder and CEO, POPxo, and co-founder of MyGlamm, said, “The POPxo vision has always been to build a content-community-commerce destination for women in India, with MyGlamm we have found a powerful partner with proven strengths in producing and selling beauty products at scale. Together, we will leverage the power of content to meaningfully engage with and truly listen to our users to co-create products they really want.”
Darpan Sanghvi, founder and CEO, MyGlamm, said, “Both MyGlamm and POPxo have been built for the Indian female consumer and are equally committed to supporting women in every sphere of their lives. With this acquisition, MyGlamm will further be able to connect with the millennial women, reach uncharted geographies, and work with POPxo in identifying emerging consumer needs and consumption patterns to co-create tomorrow’s beauty trends.”
- MyGlamm has acquired POPxo. The financial details of the transaction were not disclosed.
- POPxo’s existing investors—Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital—will join MyGlamm’s existing investors that include Bessemer Venture Partners, L’Occitane, Mankekar Family Office, and Tano Capital LLC.
- Priyanka Gill, founder and CEO, POPxo, will join the board of MyGlamm and will be designated as the co-founder.
- Post the acquisition, POPxo will retain its brand and continue to create women-centric content across platforms.
- MyGlamm raised INR 13.5 Cr in a mix of debt, equity, and preference shares in March 2020.
Photo: via POPxo