Mumbai-based beauty marketplace MyGlamm has raised INR 13.5 Cr in a mix of debt, equity, and preference shares from venture capital company Trifecta Capital.
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.
- MyGlamm has raised INR 13.5 Cr in a mix of debt, equity, and preference shares.
- Trifecta has committed another tranche of funding to the online beauty marketplace.
- MyGlamm competes with market leaders Nykaa, Purplle and NewU.
- According to the ministry of corporate affairs (MCA) filings accessed by Inc42, MyGlamm has raised INR 12 Cr by allotting 120 debentures at a price of INR 10 Lakh per debenture to Trifecta. MyGlamm has also issued 81 preference shares and one equity share to Trifecta for INR 1.5 Cr and INR 187K respectively. The price per share for this deal stood at INR 187K.
- In July 2019 MyGlamm raised INR 100 Cr in a funding round led by Bessemer Venture Partners and the Mankekar family office. Existing investor beauty and cosmetics brand L’Occitane had also participated in the round.
- Prior to this round, the company raised $11.3MM. It last raised Rs 35 crore from L’Occitane in March 2017 with participation from Brand Capital, when it used to be an on-demand beauty services provider. Prior to that it had raised $6 million in 2016, where Asia-focused private equity investor Tano Capital had also participated.
- MyGlamm raised $6 million in Series A funding from L’Occitane International, Tano Capital, and Brand Capital in 2016. Sanghvi Brands, a sister company, is the franchisee of L’Occitane Spa in India. Tano invested Rs 62 crore in Sanghvi Brands in 2014.