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Beauty services startup MyGlamm raises $6M from L'Occitane, others

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On-demand beauty services startup MyGlamm has raised $6 million (around Rs 40 crore) in Series A funding from French beauty major L'Occitane International S.A, Indian mid-market private equity fund Tano Capital and Brand Capital.

The startup will utilise the capital raised to expand its services across India and to some overseas markets, it said in a statement.

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As part of the deal, L'Occitane and Tano will have their representatives on the board of MyGlamm.

India's beauty and wellness industry has seen much investor action lately. A PricewaterhouseCoopers report estimated the sector to be worth Rs 1 lakh crore last year. Several online players that facilitate listings, discovery and booking of wellness services have raised external capital.

MyGlamm, run by Sanghvi Technologies Pvt Ltd, offers on-demand home services for beauty and hair care through its web and mobile platforms. Sanghvi Brands, a sister company, is the franchisee of L'Occitane Spa in India. Tano had invested Rs 62 crore in Sanghvi Brands in 2014.

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"We intend to grow in eight more cities in India and also launch in the Middle East. The strategic support of L'Occitane in our growth will also be a big differentiator over the competition," a MyGlamm spokesperson said in an email response to Techcircle.in.

The company was founded in April 2015 by Darpan Sanghvi, who also runs a brick-and-mortar beauty and wellness company named Sanghvi Brands.

MyGlamm, currently present in Mumbai and Pune, claims to be gross margins positive, facilitating 600 services a day and hopes to register a net profit by the end of this year.

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The online on-demand beauty services space saw the emergence of a number of startups in the last one year besides horizontal home services such as Housejoy and UrbanClap offering similar services. With beauty services offering high frequency, margin, and repeat business, a large chunk of revenues for many of the home services comes from beauty segment.

Gurgaon-based beauty and wellness startup Stylofie.com raised $250,000 in seed funding from Hong Kong-based Swastika Company Ltd. StayGlad, a mobile marketplace for on-demand beauty services, raised an undisclosed amount in Series A funding from Silicon Valley-based VC firm Bessemer Venture Partners in November last year.

Bangalore-based Vyomo Pte Ltd, which runs a beauty and wellness platform, had raised an undisclosed amount in seed funding led by TaxiForSure co-founder Aprameya Radhakrishna in June 2015.

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In January last year, Mumbai-based Manash Lifestyle Pvt Ltd, the company behind Purplle.com, secured an undisclosed amount in Series A funding from early-to-growth-stage VC firm IvyCap Ventures.


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