- Beauty products retailer MyGlamm acquires women-centered digital platform POPxo to expand into the space of content online.
Beauty products retailer MyGlamm acquires women-centered digital platform POPxo to expand into the space of content online.
Post-acquisition, existing investors from POPxo — Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital will join existing investors from MyGlamm which include Bessemer Venture Partners, L’Occitane, Mankekar Family Office, and Tano Capital LLC.
Priyanka Gill, founder, and CEO, POPxo will join MyGlamm ‘s board and be appointed as its co-founder.
Post-acquisition, POPxo will continue to maintain its identity and develop women-centered content across platforms.
The acquisition will help MyGlamm and POPxo co-create, launch, and market beauty and lifestyle products, the two companies said in a press release.
“Together (MyGlamm and POPxo) represent a community of over 50 million women, have produced and sold millions of beauty products across makeup, skincare and personal care, and have more than 45,000 platform influencers,” the statement added.
Founded in 2017, MyGlamm sells a range of MyGlamm-branded beauty and make-up products such as body lotions, eye shadows, sheet masks, and lip colors. It retails online and offline products with more than 2,000 sales points across 50 cities across the country.
In 2019, MyGlamm raised $100 in a round led by Bessemer Investment Partners, valuing the company at $500 then.
In recent years, India’s beauty and cosmetics market has seen a boom, as exposure to social media trends, youth affluence among India ‘s youth, and accessibility to new-age brands have helped expand demand for both local and foreign brands.
Around the same time, beauty-centric content on social networking sites, such as Facebook, and video-sharing platforms — YouTube has seen beauty influencers and make-up artists rise with popular tutorials.
“With this acquisition, MyGlamm will also be able to connect with the millennial women, reach uncharted geographies and work with POPxo to identify emerging consumer needs & consumption patterns to co-create the beauty trends of tomorrow,” said Darpan Sanghvi, Founder, and CEO of MyGlamm. Currently, POPxo has more than 43 million active monthly users across all platforms.
According to regulatory filings, a fortnight ago MyGlamm secured a hybrid debt-equity round worth Rs 45.5 crore led by Lóccitane and Trifecta Debt Capital. The French cosmetic brand and Bessemer picked up preferential shares worth Rs 12.5 crore and Rs 10 respectively while Trifecta purchased Rs 20 crore debentures.
After this funding round, MyGlamm has ranked north of Rs 562 crore. The e-commerce lifestyle platform had generated revenue from Rs 13.7 crore during FY19 during the same period on a loss of Rs 33.2 crore. Financially, the company appears to be in a good position over the past 12 months with an annualized sales figure of Rs 140 crore and a growth of 400 percent. The firm is planning to grow to Rs 400 Crore ‘s annualized revenue by December 2021.