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Beauty

MyGlamm Raises 175 Cr In Series C Funding, Aims To Build India’s Largest Beauty Company

Kashika SaxenaKashika Saxena  |  Mar 18, 2021
MyGlamm Raises 175 Cr In Series C Funding, Aims To Build India’s Largest Beauty Company

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It’s a happy, happy day for us at MyGlamm-POPxo as we can finally tell you the most exciting thing that just happened to us! MyGlamm has closed Rs 175 crore in its Series C funding round with investments from Ascent Capital, Amazon and Wipro Consumer. Not only is this the largest amount of capital raised by any D2C beauty brand in India in a single round, it also marks one of the first investments made by Amazon in a beauty brand in India.  

With this, MyGlamm has become the fastest beauty brand to cross the $100 million valuation milestone in India, a feat achieved just three years after its launch! 

Darpan Sanghvi, Founder and CEO, MyGlamm, says, “It is extremely exciting to have Ascent Capital, a prolific investor in the Indian consumer internet space, along with two incredible investors with strong experience in building brands, Amazon and Wipro Consumer, join our cap table. Through L’Occitane’s investment in MyGlamm, I have experienced first-hand the value that such investors can bring to a start-up. And we are really excited about all that we will be able to learn from both, Amazon and Wipro Consumer along with the financial rigor that Ascent Capital brings, as we move forward to fulfil our vision of building India’s largest beauty company leveraging DTC, digital, and data.” 

This milestone comes just a few months after MyGlamm acquired POPxo in August 2020, together becoming the largest content, community, and commerce company in South Asia.

MyGlamm & POPxo

(Left) Darpan Sanghvi, Founder & CEO, MyGlamm (Right) Priyanka Gill, Founder & CEO of POPxo and Co-Founder & President of MyGlamm

Priyanka Gill, Founder & CEO of POPxo and Co-Founder & President of MyGlamm, says, “When POPxo-Plixxo was acquired by MyGlamm in August 2020, Darpan and I laid out an ambitious roadmap. Not only did we meet our goals ahead of plan – but we surpassed them. Now, with this fundraise, we will further invest in enhancing our content and influencer capabilities to not only build out MyGlamm as India’s largest beauty company but also consolidate POPxo as the India’s leading digital destination for women and Plixxo as India’s most engaging influencer platform.”

For you, our MyGlamm-POPxo fam, this means lots of exciting new products, launches and initiatives. None of this would have been possible without your enthusiastic support, so rest assured that we will shower you with awesomeness as a token of our endless appreciation and gratitude. Let the pawri begin!  

Read more about this exciting development here:

The Economic Times
Mint
YourStory
Business Standard