Business services 2021-07-29

MyGlamm Closes INR 530 Cr In Series C Funding

The startup will be utilizing its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo

By Sub Editor
MyGlamm Closes INR 530 Cr In Series C Funding

Direct-to-consumer (DTC) beauty brand MyGlamm informed on Tuesday to have closed its Series C funding round at INR 530 crore, with a top-up of INR 355 crore to the existing INR 175 crore it had closed in March of this year.

The INR 355 crore top-up has been led by marquee global venture capital firm, Accel, along with participation from existing MyGlamm investors.

 “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.

This is the largest amount of capital raised by any beauty brand in India in its Series C round. This also marks one of the largest growth cheques written by Accel in India.

MyGlamm had opened its Series C earlier in March this year with an INR 175 crore investment from Ascent Capital, Amazon, and Wipro. And it has now closed Series C with an additional INR 355 crore that saw Accel lead the round with participation from Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family, Trifecta, and Stride Ventures.

“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.

Founded in 2017 by DarpanSanghvi and co-founded by Priyanka Gill, MyGlamm is India’s fastest growing D2C beauty brand offering a range of 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. 

“It is a matter of great pride to welcome marquee investor Accel to the MyGlamm family. Their investment closes out our Series C fundraise and I am very excited to be working alongside Darpan on our mission to make MyGlamm India’s largest beauty company and scale up POPxo and Plixxo, strengthening our content-to-commerce moat,” added Priyanka Gill, co-founder, MyGlamm.

MyGlamm will be utilizing its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo.

 

Comment
image
image
mobile
address
star franchise india
Related opportunities
  •                INVEST..
    Locations looking for expansion Uttar Pradesh
    Establishment year 2019
    Franchising Launch Date 2020
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Noida Uttar Pradesh
  • Quick Service Restaurants
    About Us: Pizza is about The Pleasures of Life, Storytelling, Traditions,..
    Locations looking for expansion Delhi
    Establishment year 2000
    Franchising Launch Date 2007
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater New delhi Delhi
  • Robotics & Technical Training
    Teaching computer science education to kids K-12 onsite at iCode..
    Locations looking for expansion Haryana
    Establishment year 2015
    Franchising Launch Date 2017
    Investment size Rs. 50lac - 1 Cr.
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Faridabad Haryana
  • Tea And Coffee Chain
    About Us: Stark Bistro is an effervescent & lively cafe with..
    Locations looking for expansion Orissa
    Establishment year 2016
    Franchising Launch Date 2016
    Investment size Rs. 5lac - 10lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Bhubaneswar Orissa
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads