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Home NEWSINDUSTRY NEWS MyGlamm raises additional Rs 255 crore funding as part of Series C round

MyGlamm raises additional Rs 255 crore funding as part of Series C round

by Professional Beauty India

Founded in 2017, MyGlamm is a content-to-commerce company that sells products across makeup, skincare, hair care, bath body and personal care. Reportedly, it acquires 350,000 new customers every month and is present at 30,000 points of sale across 100 cities in India. The D2C beauty brand has raised an additional Rs 255 crore in a mix of debt and equity as part of its Series C funding round. This would be the most raised by a beauty brand in Series C funding in India, taking the total proceeds in this round to Rs 785 crore (US$ 106 million).

As in the news, Rs 100 crore in equity funding has come from Trifecta Capital’s newly raised late-stage equity fund of the latest tranche of Rs 255 crore. The rest is debt – Rs 75 crore from Trifecta Capital’s debt fund and Rs 80 crore from Stride Ventures.

The company had raised Rs 355 crore in July as part of Series C led by American venture fund Accel, and Rs 175 crore in March when the round opened. MyGlamm was valued at a little over Rs 2,000 crore in July.

As reported, MyGlamm plans to hit the public markets by the end of 2023, making way for smoother exits for early investors and value realisation for the brands. The company is currently at a revenue run-rate of US$ 100 million and is expected to reach US$ 250 million by the end of March 2022. It is also aiming at four to six acquisitions across categories such as hygiene, bath and body, skin, hair and naturals in the coming months.

It has also acquired POPxo, a women-centric digital platform, and has seen its monthly active user count grow to 60 million from 48 million last year in September 2020. Also, last month, it took over BabyChakra, a mom & baby community of 20 million mothers and 10,000 doctors, for an undisclosed amount.

New-age, digital-first personal care and beauty brands such as Nykaa, Purplle, Sugar Cosmetics, Mamaearth and Plum Cosmetics have attracted the interest of risk investors. The pandemic has boosted the business of online-led brands as it has hastened digital adoption by consumers and led them to increasingly buy these products.

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