The Good Glamm Group — parent company to direct-to-consumer beauty brand MyGlamm — has entered the ranks of unicorn startups in India after it reached a total valuation of $1.2 billion owing to the latest round of funding headed by private equity investors Prosus Ventures (Naspers) and Warburg Pincus.
In the Series D round of funding, the group entity, comprised of three brands — MyGlamm, digital media platform POPxo and online parenting startup BabyChakra, amassed $150 million with participation from existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office. Venture debt fund Alteria Capital also joined the fundraising round.
Of the cumulative fresh funds raised during the round, $140 million was raised as primary capital. Meanwhile, $10 million was raised through a secondary share sale which led to the partial exit of Chiratae Ventures from the company. Several other high net worth individuals have also exited the company following the secondary sale, MyGlamm’s founder Darpan Sanghvi revealed.
The startup is aiming to utilise the fresh influx of funds for sustaining value engines for its brands, Sanghvi stated. It will also invest in expanding its product offering, promoting data science and technology research, increasing offline development, and financing the company’s working capital requirements.
Moreover, a part of the funds will be employed to enhance the content production capabilities and digital influence of the startup’s various digital brands including POPxo, Plixxo, BabyChakra and ScoopWhoop. The group will also continue to make investments in more beauty and personal care brands.
The Glamm Group is now the first beauty commerce brand this year to enter the esteemed unicorn startup club, becoming the 35th domestic company to attain unicorn status in 2021.