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investment 2016-04-08

Darpan Sanghvi led MyGlamm raises $6mn

Sanghvi Technologies Pvt Ltd run MyGlamm offers on-demand home beauty services through its web and mobile platforms. Sanghvi Brands is its sister concern company and is the franchisee of L’Occitane Spa in India.

Darpan Sanghvi led MyGlamm raises $6mn

On-demand beauty services start-up MyGlamm has raised Series A funding from French beauty giant L’Occitane International S.A and Indian mid-market private equity fund Tano Capital, Brand Capital.

As part of the deal, Sanghvi Brands’ has received about Rs 40 crore, plus L’Occitane and Tano will have their representatives on the board of MyGlamm.

Previously, Tano had invested Rs 62 crore in 2014 in Sanghvi Brands.

“We intend to grow in eight more cities in India and also launch in the Middle East. The strategic support of L’Occitane in our growth will also be a big differentiator over the competition,” said MyGlamm spokesperson.

Founded in April 2015 by Darpan Sanghvi led MyGlamm is currently present in Mumbai and Pune. Claims to be gross margins positive, facilitating 600 services a day and hopes to register a net profit by the end of this year.

The online on-demand beauty services space saw the emergence of a number of start-ups in the last one year besides horizontal home services such as Housejoy and UrbanClap offering similar services. With beauty services offering high frequency, margin, and repeat business, a large chunk of revenues for many of the home services comes from beauty segment.

Gurgaon-based beauty and wellness start-up Stylofie.com raised $250,000 in seed funding from Hong Kong-based Swastika Company Ltd. StayGlad, a mobile marketplace for on-demand beauty services, raised an undisclosed amount in Series A funding from Silicon Valley-based VC firm Bessemer Venture Partners in November last year.

Bangalore-based Vyomo Pvt Ltd, which runs a beauty and wellness platform, had raised an undisclosed amount in seed funding led by TaxiForSure co-founder Aprameya Radhakrishna in June 2015.

In January last year, Mumbai-based Manash Lifestyle Pvt Ltd, the company behind Purplle.com, secured an undisclosed amount in Series A funding from early-to-growth-stage VC firm IvyCap Ventures.

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