Direct-to-consumer (D2C) beauty products brand MyGlamm has topped up its Series C fundraise with a $34 million (Rs. 255 crore) infusion led by an equity investment from the Trifecta Leaders Fund and structured financing from Trifecta Capital and Stride Ventures.
Sanghvi Beauty and Technologies, which operates MyGlamm, also unveiled Good Glamm Group under which it has consolidated its various businesses in a bid to strengthen its position as a ‘digital house of brands’ powered by a content-to-commerce strategy.
The Good Glamm Group said it would make strategic investments worth Rs 750 crore in beauty and personal care brands.
The company said brands under the Good Glamm Group will be able to leverage the digital audience of POPxo, Plixxo, and Babychakra.
Good Glamm Group which already has make-up, skincare, haircare, and personal care products under its portfolio will soon launch baby-care products.
MyGlamm competes with the likes of L'Oreal and Plum in the beauty brand category.
The leadership team of the newly formed umbrella group comprises industry veterans from Unilever, Godrej, and L’Oreal and new age e-commerce giants like Myntra and Nykaa. The team is led by group founder and CEO Darpan Sanghvi along with co-founders Priyanka Gill and Naiyya Saggi.
MyGlamm was founded in 2017 by Sanghvi and 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 July this year, MyGlamm raised Rs 355 crore ($47.7 million) led by venture capital firm Accel India.
In August last year, MyGlamm 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.
The broader beauty and personal care segment has seen multiple investments this year.
In July this year, personal care brand Mamaearth said it had raised $50 million from European investment firm Sofina Ventures SA and Sequoia Capital.
In June, Marico, which sells Parachute hair oil and Saffola cooking oil, picked up a majority stake in a D2C personal care brand.
In April, private equity firm ChrysCapital acquired a stake in Wow Skin Science.