India’s MyGlamm receives $6m Series A round
India-based beauty services start-up MyGlamm has raised $6 million in a Series A round led by French cosmetics giant L’Occitane and including participation from Tano Capital and Brand Capital.
The capital will be used to expand the company's commercial reach in several Indian urban areas and also to support expansion into the Middle East by 2017. According to The Economic Times, MyGlamm founder Darpan Sanghvi is in talks with a domestic e-commerce company over a further $4 million investment.
"This is the first instance globally of a beauty company investing in a tech-enabled start-up in the space," Sanghvi said. "The strategic support of L'Occitane in our growth will also be a big differentiator over the competition."
The company offers on-demand, at-home beauty treatments via a mobile app produced by parent company Sanghvi Brands, which Tano is undertood to have supported with a $10 million invesement in 2014. The service is estimated to sell 600 sessions a day in Mumbai and Pune, with the majority of its business coming from repeat customers.
Founded in 2004, Tano has offices in India, Singapore, China, Taiwan, the US and Mauritius. It invests in global hard assets as well as companies in India and China that are expected to directly benefit from consumption growth. The firm closed its second India fund in 2012 at $111.3 million, having originally targeted $150 million.
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