My Glamm products have been created to simplify a woman’s makeup routine. Innovation for ease is the main motive of our products. Formulated, and developed in laboratories in Italy and Germany. My Glamm has now become the country’s 34th unicorn for this year and 76th overall. The Good Glamm Group which operates My Glamm will utilize the fresh capital to invest in product development, and support data science, and technology research. The startup also intends to increase its offline presence.
Mrs. Priyanka Gill is an entrepreneur and angel investor currently based in London, U.K. She is the founder and CEO of POPxo, a digital community platform for millennial women launched in 2014 and merged with My Glamm in 2020. She currently serves as the President and co-founder of My Glamm. Mrs. Priyanka was born on 2 June 1980 and grew up in a Punjab. She completed her schooling at Vidhya Devi Jindal school and attended lady Shri Ram College, New Delhi, where she studied English Literature.
My Glamm was founded in 2017 by Sanghvi and Gill. The company claims to be India’s fastest-growing D2C beauty brand, with a range of over 800 cruelty-free and vegan products across categories such as makeup, skincare, and personal care. It also has over 30,000 offline points of sale across 70 cities in India.[iii]
The Good Glamm Group, the parent firm of direct-to-consumer beauty brand MyGlamm, is the latest Indian startup to join the unicorn club. The headquarter is in Mumbai and the startup has raised $150 million in its Series D financing round from Proses Ventures and Warburg Pincus.
Are MyGlamm products good?
I’ve tried a lot of makeup from different brands over the years, so I can confidently say that My Glamm has good products, but not the best. They are very reasonably priced and easy to throw in your purse. Buy this if saving cash is a priority, but if you’re looking for top-notch makeup I wouldn’t recommend this brand.
The Good Glamm Group has become the latest entrant in the growing list of Indian unicorns as it raised $150 million (Rs 1,110 crore) in its Series D round of funding co-led by marquee investors including Prosus Ventures and Warburg Pincus, even as it plans to make four more acquisitions in the haircare, naturals and personal hygiene sectors by the end of this year[i].
Over the years, Manish Malhotra Beauty, exclusively by MyGlamm, has given a premium experience of makeup and skincare that has raised questions on general beauty standards and has spread across the movement of positivity and self-confidence. While aspirational, it is easily accessible and affordable for all women. The brand, much like Manish himself, believes in celebrating individuals and embracing authenticity to the fullest.
Commenting on the campaign Sukhleen Aneja, CEO, Beauty & FMCG Brands, Good Glamm Group, says, “We are extremely excited to launch the first-ever national TVC of Manish Malhotra Beauty exclusively by MyGlamm. I think it is a fitting ode to the revolution that Manish, with his expertise and vision, has helped usher in a beauty democracy, which is being shaped, owned, and expressed in ever-changing ways by consumers themselves, with their choices to embrace the new. The film messaging ‘Backstage to backstreets’ represents Mr. Manish Malhotra Beauty as not just a brand but a lifestyle that is aspirational, accessible, and affordable showcased through the premium range of products.”
The company’s existing investors- L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital, and the Mankekar Family Office participated in this transaction, which is a mix of the primary and secondary components. Venture debt investor Alteria Capital is also said to have contributed to this round.
The company, which claims to have become the first beauty and personal care D2C(direct to consumer) brand to enter the coveted unicorn club, has been valued at $1.2 billion(Rs 8,886 crore) following this transaction. India has seen 35 startups become unicorns in 2021 to date.
The Good Glamm Group plans to use these funds to primarily invest in product development, support data science, and technology research, increase offline expansion, and also fund working capital requirements.
“Entering the Unicorn Club marks Day 1 for all of us at the Good Glamm Group. And we couldn’t be more excited and privileged to embark on the journey from 1 to 10, with Proses and Warburg, who bring incredible strength and experience to our company,” said Darpan Sanghvi, Group Founder, and CEO at Good Glamm Group.
The Good Glamm Group is also set to make four acquisitions in the haircare, natural and personal hygiene categories by the end of this year, according to Sanghvi. He added that the company is likely to spend around $270 million for all the six acquisitions (including MomsCo and ScoopWhoop). In October, the company acquired digital media and lifestyle content platform Kalaari Capital-backed ScoopWhoop Media Pvt Ltd. It also bought out baby-care products startup The Moms Co for an undisclosed sum the very same month.
Sanghvi Beauty and Technologies, which operates direct-to-consumer (D2C) beauty products brand MyGlamm, unveiled The Good Glamm Group in September under which it has consolidated its various businesses in a bid to strengthen its position as a ‘digital house of brands’ powered by a content-to-commerce strategy. Beauty and personal care brands owned by the Good Glamm Group include MyGlamm (cosmetics brand), MomsCo (premium mom and baby brand), POPxo (cosmetics brand for tweens), and Baby Chakra (baby products brand).
The Good Glamm Group is particularly bullish on haircare, particularly hair color, as it feels that e-commerce penetration in hair care is less than 3.8% despite the broader category touted at $3 billion. Mr. Sanghvi is equally optimistic that The Good Glamm’s content to e-commerce moat and superior products can also be helpful to getting deeper into skincare as well. He said that currently, the e-commerce penetration of skincare is less than 4.5% whereas the category’s size is at $2 billion.
The company is targeting to go public by Diwali 2023. Sanghvi has no plans to list abroad. “See the multiples of consumer companies which have got listed on Indian bourses. They have one of the best multiples.”[ii]Mr. Sanghvi said that the company hopes that e-commerce penetration of all these categories will cross 40% in the years to come.
[ii] https://www.vccircle.com/sequoia-capital-in-talks-to-invest-in-vc-funded-insurtech-startup
[iii] https://www.facebook.com ›
Aishwarya Says:
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