India cosmetics brand MyGlamm acquires content platform
MyGlamm, an online Indian cosmetics brand, has agreed to acquire POPxo, a women-focused content platform, for an undisclosed sum. Both companies have several VC backers.
As a result of the deal, POPxo investors Chiratae Ventures, Kalaari Capital and Neoplux Venture Capital are expected to become shareholders in MyGlamm, which raised $20 million in a Series A round in 2017 from Bessemer Venture Partners, L'Occitane, Tano Capital and a family office
Founded in 2015, MyGlamm claims to have more than 600 stock-keeping-units for makeup, skincare and personal care products on its beauty and lifestyle-themed e-commerce platform. It says the products are available both online and offline in 50 Indian cities although it does not run its own network of brick-and-mortar stores. The company claims to generate INR1.4 billion ($18.6 million) in annual revenue.
POPxo was founded in 2014 as a blog for young Indian women and transitioned into producing and curating written and video content on beauty, wedding, health, lifestyle, popular culture and other topics across six local languages. It claims to have more than 50 million visitors on a monthly basis.
In 2017, POPxo launched Plixxo, an influencer marketing platform that has more than 45,000 influencers. It also runs Luxeva, a luxury-themed digital content platform that targets both affluent men and women. It is unclear if Luxeva will be a part of the deal. As a result of the acquisition, MyGlamm will get access to a potential market of 50 million women reducing customer acquisition costs.
“Both MyGlamm and POPxo have been built for the Indian female consumer and are equally committed to supporting women in every sphere of their lives. With this acquisition, MyGlamm will further be able to connect with millennial women, reach uncharted geographies, and work with POPxo in identifying emerging consumer needs and consumption patterns to co-create tomorrow’s beauty trends,” said MyGlamm founder Darpan Sanghvi.
MyGlamm is positioning itself to be similar to Social Bella, an online services provider for the beauty and personal care industry, that raised $58 million in a Series E round in July. Apart from an e-commerce wing, Social Bella also runs a content platform that hosts reviews of beauty and personal products while functioning as a portal that connects readers with offline service providers.
Other VC-backed start-ups in the space include Nykaa and Purpple, which are both online retailers of cosmetics and fashion products. Nykaa also runs Sugar Cosmetics, a cosmetics brand backed by A91 Partners, a social network, and a chain of offline stores.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.