With the ambition of becoming India's largest CPG company, MyGlamm has set out to build a "digital Unilever." On the heels of closing their $71 million Series C funding round in August, the DTC brand announced a new parent entity, The Good Glamm Group, which will consolidate the MyGlamm, POPxo, and BabyChakra business under one umbrella. The new entity has a war chest of $100 million and a mandate to acquire six beauty and personal care businesses by March 2022.
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 the business is digital first, MyGlamm will have 30,000 offline points of sale by year end across 70 cities in India, and opened a 3,000-sq-ft interactive flagship last year that is six times larger than the average Indian beauty store.
MyGlamm acquired female-centric digital platform POPxo in September 2020, and India's top parenting platform BabyChakra in August 2021. The three companies have reported that their individual businesses have grown after their partnership. The founders of these companies, Priyanka Gill (POPxo) and Naiyya Saggi (BabyChakra), joined Darpan Sanghvi as co-founders at MyGlamm and will share in the leadership of the new entity.
"In this journey of building the group, we realized that we have a few incredible growth engines. We have access to 88 million female users through POPxo and 20 million mothers through BabyChakra and then we have MyGlamm's expertise in building products and driving distribution," Sanghvi told Business Insider.
The business is reportedly already in talks with several potential targets and is looking for Indian brands with at least ₹50 (roughly $6 million) to ₹200 crore ($26 million) in revenue. The intention is that the companies will continue operating as individual entities but will have access to the Good Glamm Group's infrastructure and resources as well as current and future customer bases.
At the time of the last round of funding, Sanghvi told TechCrunch, "The content to the commerce engine has become our biggest moat. We are acquiring 250,000 new users each month without spending any real money.”
The Good Glamm Group founders said they currently have a revenue run rate of ₹740 crore ($100 million) and are targeting ₹1,850 crore ($250 million) by March. After building a portfolio of brands, the company will push for an IPO by 2023 as the first digital CPG company in India.
MyGlamm's investors include Amazon, Bessemer Venture Partners, L'Occitane, Mankekar Family Office, Tano Capital, Ascent Capital, Wipro Consumer, Trifecta Capital, Stride Ventures, and Accel, among others.
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