Indian direct-to-consumer beauty brand MyGlamm has closed a $71 million Series C funding round with a top-up of $47.5 million to the existing $23.5 million it had closed in March of this year.
WHO: Founded in 2017 by Darpan Sanghvi, MyGlamm is an omnichannel beauty brand offering a range of more than 800 cruelty-free and vegan products across makeup, skincare, and personal care. While it is digital first, MyGlamm also has over 10,000 offline points of sales across 70 cities in India. Last year the brand opened a 3,000-sq-ft interactive flagship that is six times larger than the average Indian beauty store.
WHY: The business will use the funds to invest in product development, support data science and technology research, increase offline expansion from 15,000 to 35,000 by the end of the year, fund working capital requirements, and expand content creation capabilities and digital reach of POPxo and Plixxo.
IN THEIR OWN WORDS: "We have always admired a high-quality firm like Accel from the outside and it is a privilege to now have them on the inside at MyGlamm. Their 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," said Darpan Sanghvi, founder and Chief Executive Officer, MyGlamm.
Sanghvi said to the Hindu Business Line, "We were oversubscribed four times in March for Series C and we decided not to take more money because our revenues were growing and we didn’t need more capital. From April to June we hired 10 senior leaders from Unilever, Myntra, Godrej, WPP, L'Oréal, Bewakoof, and Udaan—a good mix of new world and old pedigreed companies.”
"We operationally broke even at the end of last year, and we are not really burning capital. We will judiciously use the funds to accelerate our growth path," he said.
"We believe that the time is ripe for building out digital-first consumer packaged goods (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. We are excited to partner with Darpan, Priyanka, and the MyGlamm team and look forward to building out the next generation CPG giant," noted Anand Daniel, partner, Accel.
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