US-based investor Bessemer Venture Partners (BVP) was one of India’s active early-stage investors until 2017, with over two dozen investments. Known for its Indian bets on unicorns such as Swiggy and Bigbasket, BVP has led a Rs 100 crore ($14.47 million) round in beauty brand MyGlamm, making its first investment in the Indian market in over a year.
WHO: 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 changed to create a line of beauty products in 2017. The current business is a beauty products marketplace primarily focused on color cosmetics and betting on celebrity collaborations. Currently they have deals with Manish Malhotra, Daniel Bauer, Sidharth Malhotra, and more. The business also partners with offline retail stores such as Lifestyle and Shoppers Stop.
WHY: The funds will be used for international expansion with plans to launch in the Middle East and Southeast Asia this year.
IN THEIR OWN WORDS: “We believe that there is a complete dearth of beauty brands in India and the new millennial customer is looking to discover her brand online and on social media,” said Darpan Sanghvi, founder, MyGlamm.
“Globally, a large number of businesses are going to direct-to-consumer, for which the biggest reason is to establish a connect with users to get feedback, serve them better and giving the best experience. Beauty is a very content driven category and having an omni-channel approach is the best,” said Vishal Gupta, MD, Bessemer Venture Partners.
2 Article(s) Remaining