- Briefing Your roundup of Asian tech and startup news that matter
Deepti Sri · · 1 min readReport: Amazon co-leads $24m round in Indian beauty startup MyGlamm
“Omnichannel direct-to-consumer (D2C) beauty brand MyGlamm has raised US$24 million in its series C funding round led by Ascent Capital, Amazon, and Wipro Consumer,” reported Entrackr.
Details:
- The fresh round of funding has taken the company’s valuation to US$100 million, up from US$70 million in its previous financing round.
- MyGlamm claims that its EBITDA is close to hitting profitability, and plans to increase its “point of sales” network to 25,000 by the end of this year.
Context:
- The development marks the first investment by Amazon in a direct-to-consumer brand.
- Earlier in June 2020, MyGlamm raised 330 million rupees (US$4.5 million) from existing investors. To date, the beauty firm has raised over 3 billion rupees (US$41.3 million) in total.
Editing by Collin Furtado and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
