Direct to Consumer(D2C) beauty Brands like Mamaearth, MyGlamm, Sugar Cosmetics, Plum, and others are on a rise and getting amazing support from investors. In a recent financial event, personal care brand MyGlamm has closed a financing round of Rs 355 crore or $47 million led by Accel. Existing investor Amazon also participated in the current round.
MyGlamm Raises $47 Million
Mumbai based skincare products manufacturer MyGlamm has concluded the Series C round of Rs 355 crore. The current round was initiated in March 2021 when the firm closed Rs 175 crore or $23 million funding raise by Ascent Capital, Amazon, and Wipro Consumer. By adding the recent funding raise of Rs 355 crore, the current round’s funding raise reaches $71 million or Rs 530 crore.
MyGlamm did not reveal its valuation after the current round. But, Industry Experts estimated its valuation at $100 million. And, the latest funding raise makes its valuation around Rs 2000 crore.
The startup recorded the March financing event after a long break of 20 months when it had closed Rs 100 crore funding raise in June 2019.
MyGlamm revealed that it will use current funding for product development, Data Science is driven approach, technology advancement, offline expansion, and unique content creation.
MyGlamm claims that it has 800+ vegan products from different categories including skincare, personal care, makeup, and others. The startup is a digital-first brand. But, it also has a strong presence in the offline market. The company claims to have 10,000 offline points of sales across 70+ cities in India.
To strengthen its operations further, the startup also acquired Oppo backed POPxo in August 2020. POPxo is a women-centric platform run by Priyanka Gill. After POPxo’s acquisition, Priyanka has joined Darpan Sanghvi led MyGlamm as the co-founder.
MyGlamm also announced that it will use current funding for increasing the digital reach of content-oriented platforms POPxo and Plixxo. Significant content play is one of the strengths of MyGlamm when compared with its competitors.
In FY2020, the beauty brand recorded a whopping revenue of Rs 44 crore compared to Rs 13 crore in FY19. The company’s expenses also surged by 2.3x to Rs 110.3 crore and recorded a loss of Rs 63.8 core in FY2020.
MyGlamm’s competitors are also growing exponentially and raising hefty amounts in different funding rounds. Recently, Mamaearth raised $50 million at a valuation of $730 million, while beauty startup Juicy Chemistry raised $6.3 million in series A round at a valuation of $26 million.
Mamaearth and Sugar Cosmetics already crossed Rs 100 crore revenue mark in FY2020.