Content-to-commerce conglomerate Good Glamm Group furthered its ambition of becoming India's largest CPG company by building a "digital Unilever" with an additional $150 million in funding at a $1.2 billion valuation.
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.
Last month, the Mumbai-headquartered start-up announced the formation of Good Glamm Group, which will act as the umbrella company for MyGlamm and its portfolio of brands. The group has more than 4 million customers and is available at over 20,000 digital and physical points of sale across India, acquiring 350,000 new customers every month on average.
WHY: The capital will be used to invest in product development, support data science and technology research, increase offline expansion, and fund working capital requirements while also expanding the content creation capabilities and digital reach of POPxo, Plixxo, BabyChakra, and ScoopWhoop. The Group will also continue to make investments in more beauty and personal care brands and has plans for international expansion in 2022.
IN THEIR OWN WORDS: "Entering the Unicorn Club marks Day 1 for all of us at the Good Glamm Group. And we couldn't be more excited and privileged to embark on the journey from 1 to 10, with Prosus and Warburg, who bring incredible strength and experience to our company," Darpan Sanghvi, group founder and CEO, Good Glamm Group, said.
"Being part of Good Glamm Group is a dream opportunity and a privilege as we become India's largest DTC beauty and personal care company. Now with Prosus Ventures and Warburg Pincus as our investors and partners we are perfectly positioned to scale even faster and fulfill our mission," Priyanka Gill, co-founder, Good Glamm Group, added on the new round of funding.
"We are very excited to partner with the Good Glamm Group to disrupt the beauty and personal care industry and this marks our first investment in the DTC category. The Good Glamm team has paired desirable, homegrown brands with compelling content, building an incredibly engaged community and positioning them well for future growth in India and beyond," said Ashutosh Sharma, head of Investments India at Prosus Ventures, in a statement.
"With a strong portfolio of D2C brands and proprietary content assets, the group is well positioned to scale rapidly and create a large digital-first business in the beauty and personal care space," said Vishal Mahadevia, Managing Director and India Head at Warburg Pincus, in a statement.
FUNDING AND ACQUISITIONS:
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