MyGlamm funding

Beauty brand MyGlamm has acquired Rs 175 crore in a Series C funding round led by Wipro Consumer, Ascent Capital, and Amazon.

The investment round values MyGlamm at more than $100 million, The Economic Times reported. This is the first time the e-commerce giant Amazon has invested in a consumer brand based out of India.

Amazon has invested in insurtech startup Acko and financial services marketplace BankBazaar but did not back a consumer brand in India until now.

As quoted by the paper, Manish Tiwary, VP, Amazon India said, “Amazon remains committed to backing homegrown startups and brands that share our customer focus and belief in accelerating their growth through digital commerce.”

“We are excited by the innovative products and brand experience that MyGlamm brings to Indian customers in a high-salience category like beauty which is deeply personal to customers,” he added.

MyGlamm was founded by Darpan Sanghvi in 2017 and has raised Rs 300 crore in equity financing, including the recent round. The company has an online store and more than 10,000 offline points of sale across 70 cities in India.

MyGlamm founder and CEO Darpan Sanghvi added that the company was aiming to raise only INR 110 Mn ($15 Mn), but expanded the round because of “what each of these investors brings to the table apart from capital”. He claimed the company received bids worth INR 600 Cr ($82 Mn) in this round.

In August 2020, MyGlamm acquired POPxo, a digital media platform focused on women.

Existing investors of MyGlamm include Bessemer Venture Partners, L’Occitane, Mankekar Family Office, Tano Capital, Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital.