As usual, I’ve been bubbling from within to share this HUGE news with you all! Now that the cat’s finally out of the bag I can finally talk about it. We raised INR 175 Cr ($24 Mn) in a Series C funding round led by Amazon India, along with Ascent Capital and Wipro Consumer. We have been valued at more than $100 Mn after this round!
The company plans to use a portion of the funding to not only enhance its content and influencer capabilities to build out MyGlamm as India’s largest beauty company but also consolidate POPxo as India’s leading digital destination for women and Plixxo as India’s most engaging influencer platform. As you already know, Plixxo is POPxo’s marketing platform that has a network of more than 75K influencers.
Our CEO Darpan Sanghvi weighed in that the company was planning 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 revealed the company received bids worth INR 600 Cr ($82 Mn) in this round. He also said the company plans to use the latest capital raise to build its data science capabilities, expand the product portfolio and further strengthen brand recognition.
Besides its ecommerce presence, MyGlamm also has over 10,000 offline points of sale across 70 cities in India. Our company was founded by Darpan Sanghvi in 2017 and now offers a range of more than 600 cruelty-free and vegan products across makeup, skincare and personal care. It has a revenue run rate of INR 210 Cr ($28 Mn) and is expected to close the calendar year 2021 at around INR 600 Cr ($82 Mn) in revenue. “The company is making an operational profit with EBITDA close to profitability,” Darpan declared.
The company has raised close to INR 300 Cr ($32 Mn) to date from marquee investors like L’Occitane en Provence, Bessemer Venture Partners, Trifecta Capital Advisors and others. It acquired POPxo last August, after which the company’s investors — Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital — committed to investing in MyGlamm.
What makes this win even more special is that this is the first time Amazon has invested in a consumer brand. The ecommerce giant’s Indian portfolio includes insurtech startup Acko, financial services marketplace BankBazaar, and on-demand services provider Housejoy. The US-based company has also invested in larger retailers such as Shoppers Stop and Future Group.
If you know us you know that we don’t rest on our laurels, but we sure do take a slight pause to celebrate them! So eating some cake and getting back to work. That’s where I’m at! 🙂 Onwards And Upwards!