Amazon-backed Indian D2C beauty brand closes $71m series C round

Amazon-backed MyGlamm has closed its series C funding round at US$71 million, with a top-up of US$47.7 million from the US$23.3 million the Indian beauty brand raised in March. The round values the direct-to-consumer (D2C) firm at over US$300 million, a source told Tech in Asia.

The US$47.7 million investment was led by global venture capital firm Accel, with participation from Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family office, Trifecta Capital, and Stride Ventures.

Photo credit: MyGlamm

MyGlamm will look to use the funds to build its brand, expand its digital footprint, and scale up its offline presence from 15,000 to 35,000 point-of-sale systems by the end of the year, its co-founder Darpan Sanghvi told Tech in Asia.

“We operationally broke even at the end of last year, and we are not really burning capital. We will judiciously use the funds to accelerate our growth path,” he said. Currently with a revenue run rate of US$64.5 million, the D2C brand is targeting a full-year revenue of US$100 million in 2021.

MyGlamm was founded in 2017 by Sanghvi as a beauty brand that offers a range of vegan products across segments like makeup, skincare and personal care, and hair care.

Singhvi later joined hands with Priyanka Gill, founder of digital content platform Popxo-Plixxo and now MyGlamm co-founder and president, when MyGlamm acquired Gill’s company in August last year.

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The goal of the acquisition was to attract Popxo-Plixxo’s more than 50 million monthly active users. Every month, MyGlamm acquires 250,o00 new customers organically from the digital content platform. This has allowed the beauty brand to cut down on its marketing costs by 90%, said Sanghvi.