India's MyGlamm raises $150m Series D
Good Glamm Group, operator of Indian direct-to-consumer beauty marketplace MyGlamm, has raised a $150 million Series D round led by Warburg Pincus and Prosus Ventures.
The company closed an approximately $71 million Series C top-up led by Accel in July, which brought the overall round to about $106 million. Total funding comes to more than $285 million since the company’s inception in 2015, according to AVCJ Research.
Good Glamm said the latest investment has established it as the first local player in its segment to achieve unicorn status. Its private equity-backed competitors include Mamaearth, which has been valued at $730 million, and Purplle, which more than doubled its valuation this month to $630 million with a $75 million Series E.
It comes as Nykaa, a similar business backed by TPG Growth and Lighthouse Funds, realizes a strong public markets debut. The company raised INR53.5 billion ($720 million) in its IPO this week and has climbed as much as 89% in subsequent trading. The company currently has a market capitalization of INR1 trillion.
Good Glamm positions itself as South Asia’s largest content-to-commerce conglomerate. In addition to MyGlamm, its businesses include MomsCo, a premium mother-and-baby brand, POPxo, a girls’ cosmetics brand and content platform, and Baby Chakra, a baby products line touted as co-created by mothers.
Further holdings include ScoopWhoop, a media outlet targeting young men and boys, and Plixxo, a creator and influencer management platform with 220,000 influencers. POPxo and ScoopWhoop have 88 million and 100 million users, respectively. BabChakra has a network of 20 million mothers and 10,000 doctors.
Meanwhile, the flagship brand, MyGlamm, offers more than 800 stock-keeping units through an e-commerce platform and around 30,000 offline retail points of sale. Nykaa sells online and through about 70 brick-and-mortar stores.
The Series D included participation from Alteria Capital, as well as existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital, Stride Ventures, and Mankekar Family Office. The proceeds will be used for product and technology development, and expansions of the offline and influencer strategies.
Good Glamm will also continue to pursue strategic investments of beauty and personal care brands. To date, it has made acquisitions worth more than $270 million, including POPxo, which was bought in August last year. POPxo investors Chiratae Ventures, Kalaari Capital and Neoplux Venture Capital received shares in MyGlamm.
“The Good Glamm team has paired desirable, homegrown brands with compelling content, building an incredibly engaged community and positioning them well for future growth in India and beyond,” Ashutosh Sharma, head of India investments at Prosus, said in a statement.
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