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Accel adds glitz to MyGlamm's Series C round

Accel adds glitz to MyGlamm's Series C round
Photo Credit: 123RF.com
27 Jul, 2021

Direct-to-consumer (D2C) beauty products brand MyGlamm has closed its ongoing Series C funding round at Rs 530 crore ($71.3 million). The startup raised Rs 355 crore ($47.7 million) in the latest tranche, which was led by venture capital firm Accel India.

Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family, Trifecta and Strides Ventures participated in the latest tranche.

Sanghvi Beauty and Technologies, the Mumbai based company that owns MyGlamm, had started raising the Series C round in March this year. It raised Rs 175 crore from Ascent Capital, Amazon, and Wipro.

“We are delighted to have closed our Series C and are excited to focus on execution and fulfilling our vision of creating India’s largest beauty company, with great brands and products built on the back of DTC, digital and data,” Darpan Sanghvi, co-founder and CEO of MyGlamm, said in a statement on Monday.

Separately, a person aware of the transaction told VCCircle that a part of the latest infusion may also be used to create a ‘house of brands’ on the lines of Mamaearth.

MyGlamm was founded in 2017 by Sanghvi and Priyanka Gill. The company claims to be India’s fastest-growing D2C beauty brand, with a range of over 800 cruelty-free and vegan products across categories such as makeup, skincare, and personal care. It also has over 10,000 offline points-of-sale across 70 cities of India.

In August last year, MyGlamm had acquired POPxo, a women-centric content platform. At the time, the company said the acquisition would help it become one of the largest 3C (content, community, and commerce) companies in South Asia.

“We believe that the time is ripe for building out digital first CPG brands with a deep focus on content-to-commerce. COVID has only cemented this belief,” said Anand Daniel, partner at Accel.

MyGlamm competes with the likes of Nykaa and Purplle in the vertical beauty marketplace category. In April, VCCircle reported that Nykaa had finalised merchant bankers for its initial public offering that is likely to raise about $500 million. Purplle.com on the other hand is backed by investors such as Goldman Sachs, IvyCap Ventures, Blume Ventures and JSW Ventures.