Amazon, Wipro Consumer and Ascent Capital invest in beauty brand MyGlamm

• The investment, which is Amazon’s first in an Indian consumer brand, pegs MyGlamm’s valuation at $100 million.
• Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm competes with the likes of SUGAR, Purplle, Plum among others.
• MyGlamm now records revenues 200% of pre-Covid levels and also claims to have achieved EBITDA profitability.

Direct-to-consumer (DTC) beauty and skincare brand MyGlamm has raised ₹175 crore from Amazon, Wipro Consumer and Ascent Capital. The investment, which is Amazon’s first in an Indian consumer brand, pegs MyGlamm’s valuation at $100 million. However, Amazon’s individual investment amount remains undisclosed.

Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm competes with the likes of SUGAR, Purplle, Plum among others.

MyGlamm has over 600 products across makeup, skincare and personal care, with a content-to-community-to-commerce platform approach.

“We are really excited about all that we will be able to learn from both, Amazon and Wipro Consumer along with the financial rigour that Ascent Capital brings, as we move forward to fulfil our vision of building India’s largest beauty company leveraging DTC, digital, and data,” said Sanghvi in a statement.

MyGlamm had earlier acquired six-year-old POPxo, the online community startup for women. With the acquisition, POPxo’s investors Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital had joined the board of MyGlamm.

Along with a digital presence, MyGlamm also focuses on offline retail with over 10,000 points of sales across 70 cities in India.

The company, which claims to have grown by 400% in 2019, had to halt its Series C round, initially intended to be closed by April 2020, due to the COVID-19 pandemic.

However, the company said that from zero revenue during the months of strict lockdown, MyGlamm now records revenues 200% of pre-Covid levels and also claims to have achieved EBITDA (earnings before interest, taxes, depreciation, and amortization) profitability in December 2020.

SEE ALSO:
Indian spacetech startup Pixxel gets $7.3 million in funding as it announces a new product even before the launch of its first satellite
Airtel adds 3 times more subscribers than Jio while Vodafone Idea gets net addition first time in 15 months
Ahead of Delhi High Court's decision, Future Group appeals to the Singapore arbitrator to exclude Future Retail from the fight with Amazon