MyGlamm raises Rs 175 crore funds from Amazon, others
Beauty brand MyGlamm has raised Rs 175 crore ($24.2 million) in Series C funding, led by Ascent Capital, Amazon and Wipro Consumer at a valuation of over $100 million.
MyGlamm plans to utilise the funds to strengthen its foothold in the beauty market through the expansion of its product portfolio and retail network.
On the back of its funding and expansion, MyGlamm expects to close the calendar year with a revenue of around Rs 600 crore. The company currently has a revenue run rate of Rs 210 crore.
“We will use the capital to build our data science capabilities, expand our product portfolio, and to further strengthen the brand. We wanted to raise only Rs 110 crore but ended up taking on board more investors and capital because of what each of these investors brings to the table apart from capital,” Darpan Sanghvi told the Economic Times.
Manish Tiwary, vice president Amazon India, added: “Amazon remains committed to backing homegrown start-ups 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.”
Founded in 2017 by Darpan Sanghvi, MyGlamm is an omnichannel beauty brand offering a range of products across makeup, skincare, and personal care.
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