MyGlamm, the personal care startup, has expanded its operations in the area of baby care products by acquiring BabyChakra. Both the parties did not disclose the financial details. But, MyGlamm has confirmed that it will invest over Rs 100 crore on content development BabyChakra.
MyGlamm Buys BabyChakra
Accel-backed beauty and skincare firm MyGlamm has closed a deal to acquire BabyChakra, an online platform for parenting advice. The startup contents are a mix of traditional wisdom and professional parenting advice. MyGlamm will further invest Rs 100 crore in the coming three years to make BabyChakra content more powerful and useful for existing and new users.
As per the agreement, MyGlamm will welcome Naiyya Saggi, the founder and chief executive officer of BabyChakra, as the co-founder of MyGlamm Group. Naiyya will look after the mom-baby segment products. And she will also help in building a strong community around patenting vertical.
In addition to that, Naiyya will also join the MyGlamm board as a board member.
MyGlamm-BabyChakra deal discussion is not new. Since 2020, founders of both firms are in touch to collaborate on a shared vision about content, community, and commerce being the future of creating digital-first brands and there being an opportunity for the same in the mom and baby category at scale.
Both parties took six months to close the current deal and finally, the acquisition agreement was signed on August 11, 2021.
How MyGlamm will Benefit from BabyChakra Acquisition?
As per the internal reports, MyGlamm and BabyChakra together represent 80 million users with 220,000 influencers on their online platforms.
BabyChakra will continue focussing on mom child ecosystem to build the popular brand. The startup claims that it has a family base of 25 million who benefit from its digital assets and advice. MyGlamm will further boost its operations and may help the startup is starting its journey on the direct-to-consumer (D2C) e-commerce side.
As per the mom-baby care sector report, the industry is worth $4 billion, but the category is penetration is just 15 percent. That means a huge number of Indian families are still waiting for the right products and solutions.
Talking about the same, Naiyya said, “While the Indian mom and baby care market is large and rapidly growing at 15-20 percent CAGR, Indian moms and kids still need products that are truly personalized to their needs.”
Darpan Sanghvi, Founder, and CEO of MyGlamm feel that the current partnership with BabyChakra will fill a huge gap in the mom-baby care industry of India. He said, “The mom-baby category is one of the fastest-growing categories currently in the BPC segment in India. BabyChakra has built an incredible amount of trust amongst parents, through their engaging platform, community, and extensive doctor network. We are thrilled to have Naiyya join the group as co-founder and work alongside her to make Baby Chakra the largest Mom-Baby brand and platform in India.”
Founded in 2017, MyGlamm has an online and offline presence both. The skincare brand has over 15000 points of sale across 70 cities in India. Recently, it closed Rs 530 crores series C funding round and is targeting to grow to an annualized revenue of Rs 750 crores by December 2021.