By
Bessemer leads funding in beauty brand MyGlamm
Photo Credit: 123RF.com

Beauty and makeup products brand MyGlamm has raised Rs 100 crore ($14.42 million) in a funding round led by US-headquartered Bessemer Venture Partners and the Mankekar family office, according to media reports.

Existing investor L’Occitane International SA, a French beauty major, also participated in the funding round.

The Times of India said that MyGlamm's early investor Tano Capital will exit as part of the deal. Tano is separately getting Rs 30 crore, giving it a three-fold return on its investment, the report said.

MyGlamm, run by Sanghvi Technologies Pvt. Ltd, was founded in April 2015 by Darpan Sanghvi. The company had started by offering on-demand beauty services but changed to create a line of beauty products in 2017.

MyGlamm had raised $6 million in Series A funding from L’Occitane International, Tano Capital and Brand Capital in 2016. 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.

Bessemer

The US-based venture capital firm closed its new fund at $1.85 billion last year.

Bessemer, which has been investing in India since 2005 from its global fund, had gone slow in its investments in India last year. In 2018, it made only follow-on investments in four firms in its local portfolio, according to VCCEdge, the data and research platform of Mosaic Digital.

Bessemer’s investments in India include food delivery firm Swiggy, online grocer BigBasket, home services marketplace UrbanClap, online drug delivery platform PharmEasy, home design startup Livspace and holiday packages firm TravelTriangle.

Deals in the space

Earlier this week, Scentials Beauty Care and Wellness Pvt. Ltd, which mainly offers beauty products endorsed by celebrities, raised Rs 25 crore ($3.6 million) in its Series A round of funding from Unilever Ventures, the venture capital arm of consumer goods giant Unilever Plc.

Mid-market private equity firm Samara Capital recently inked back-to-back deals in cosmetics firms Blue Heaven and Nature’s Essence. In September last year, mid-market private equity firm Lighthouse Advisors invested Nykaa.

In June last year, Mumbai-based Manash Lifestyle Pvt. Ltd, which operates beauty products and services marketplace Purplle.com, secured around Rs 17.50 crore ($2.56 million) from a clutch of investors.

Leave Your Comment(s)