MyGlamm, the on-demand beauty services marketplace owned by Mumbai-based Sanghvi Technologies, has raised $1.8 million in an investment round from venture lender Trifecta Capital.
MyGlamm raised $1.6 million as debt, in exchange for 120 debentures at $13,500 per debenture, its latest regulatory filings showed. In addition, Trifecta invested $0.2 million to pick 81 preference shares and a sole equity share for $ 2,500, the filings showed.
The online beauty marketplace has committed an additional 135 preference shares to Trifecta, indicating a follow-up funding tranche for the company, according to the filings.
Email queries to MyGlamm Darpan Sanghvi did not elicit responses at the time of publishing this report.
Prior to this, MyGlamm reportedly raised $14.47 million in a funding round led by San Francisco-based venture capital firm Bessemer Venture Partners, at a valuation of around $68 million. The round also saw participation from French cosmetics giant L’Occitane and public markets investor the Mankekar family, The Times of India reported.
MyGlamm sells beauty and makeup kits on its website. It also partners with offline retail stores such as Lifestyle and Shoppers Stop.
Besides MyGlamm, Sanghvi also runs an offline beauty and wellness business called Sanghvi Brands, which operates the franchise of L’Occitane Spa and other salons and spas such as Warren Tricomi, Elle Spa & Salons and Holyfield Gyms.
MyGlamm competes with the likes of Nykaa, Purplle and other companies in the beauty marketplace space. Earlier this year, Mumbai-based Purplle raised $8 million in Series C round from Brussels-headquartered family investment firm Verlinvest.
“MyGlamm has also done some interesting collaborations with brands like Manish Malhotra to grow their presence in a very competitive market. We’re excited to support them in their journey going forward,” Rahul Khanna, managing partner at Trifecta Capital said.