This has been a phenomenal year for us at MyGlamm & POPxo and things just got a lot more exciting. MyGlamm has closed its series C funding round at Rs 530 crore with a mega top-up of Rs 355 crore, adding to the existing Rs 175 crore we had raised earlier this year in March. Leading the top-up is marquee global venture capital firm Accel, along with participation from Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family, Trifecta, and Stride Ventures. The Rs 175-crore funding in March had investments from Ascent Capital, Amazon, and Wipro Consumer.
This is the largest amount of capital raised by any beauty brand in India in its Series C round and stands among Accel’s biggest investments in the country! TechCrunch reports that the new investment comes at a time when select Indian startups are raising record capital.
Darpan Sanghvi, Founder and CEO, MyGlamm, shares, “We have always admired a high-quality firm like Accel from the outside and it is a privilege to now have them on the inside at MyGlamm. Their track record and expertise on what it takes to build a consumer internet business in India is something that we look forward to tapping into. 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.”
In March, MyGlamm also became the fastest beauty brand to cross the $100 million valuation milestone in India. Earlier in August 2020, MyGlamm acquired POPxo and together, they became the largest content, community, and commerce company in South Asia.
“It is a matter of great pride to welcome marquee investor Accel to the MyGlamm family. Their investment closes out our Series C fundraise and I am very excited to be working alongside Darpan on our mission to make MyGlamm India’s largest beauty company and scale up POPxo and Plixxo, strengthening our content-to-commerce moat,” says Priyanka Gill, Co-Founder & President of MyGlamm and Founder & CEO of POPxo.
This is a really exciting time at MyGlamm-POPxo and the investment takes us a step closer to becoming India’s largest beauty company. We are rapidly expanding the MyGlamm-POPxo family and just last month, actor Shraddha Kapoor joined us as a brand ambassador and investor. Grand things are in the making right now and we cannot wait to share all the exciting developments with you guys!
Needless to say, our MyGlamm-POPxo fam is the reason behind this huge success. Thank you for staying with us on this journey! Awesome things are brewing at the MyGlamm-POPxo headquarters and we cannot wait to share them with you all!
Read more about this exciting development here:
Tech Crunch
The Economic Times
Financial Express
Money Control
Business Standard
