MyGlamm raises Rs 530 crore in series-C funding
Direct-to-consumer (DTC) beauty brand MyGlamm has raised around Rs 530-crore ($71.21 million) in a Series C funding round led by a clutch of investors including Accel, Bessemer Venture Partners, Strides Ventures, Trifecta, and Wipro.
MyGlamm will use the capital to expand its offline footprint, fund working capital requirements, support data science, and technology research. The company will also invest the funds to broaden the content creation capabilities and digital reach of its recently acquired start-ups Popxo and Plixxo.
Commenting on the investment, Darpan Sanghvi, founder and CEO of MyGlamm, in a statement said: “Accel’s track record on what it takes to build a consumer internet business in India is something that we look forward to tapping into.”
Anand Daniel, Partner at Accel added: “We believe that the time is ripe for building out digital first consumer packaged goods (CPG) brands with a deep focus on content-to-commerce. Covid has only cemented this belief. The unique combination of content coupled with a compelling product line gave us the conviction to lead this round in MyGlamm.”
Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm is India’s fastest growing direct-to-consumer beauty brand offering a range of products across makeup, skincare, and personal care. MyGlamm has over 10,000 offline points-of-sale across 70 cities in India.
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