Amazon-backed Indian D2C beauty brand nets $34m more in series C money

Amazon-backed MyGlamm, an India-based direct-to-consumer beauty brand, has topped up its series C fundraise with a 2.5 billion rupee (US$34.5 million) infusion in a mix of equity and debt financing.

(From left) Good Glamm Group co-founders Darpan Sanghvi, Priyanka Gill, and Naiyya Saggi / Photo credit: MyGlamm

The top-up was led by an equity investment from the Trifecta Leaders Fund and structured financing from Trifecta Capital and Stride Ventures.

The company had earlier raised US$71 million in series C money at a US$300 million valuation.

The brand also announced the formation of Good Glamm Group, a digital house of brands containing MyGlamm as well as women-centric digital community POPxo, influencer marketing platform Plixxo, and parenting app BabyChakra.

With the additional funding, the group has earmarked over US$100 million to make strategic investments in innovative beauty and personal care brands.

Brands that come under the Good Glamm Group umbrella will be able to leverage a large digital audience of around 100 million in India, said the company in a statement.

With a current annual revenue run rate (ARR) of US$100 million, the group aims to scale it to US$250 million ARR by March next year.

Good Glamm Group is also targeting an IPO by the end of 2023, founder and CEO Darpan Sanghvi told Tech in Asia.

“Under the Good Glamm Group umbrella are fast-growing brands that solve key needs in every part of a woman’s life stage, from a tween to an adult. As we have added and strengthened these brands, we have grown multifold in the last 18 months,” said Sanghvi.