Amazon India leads investment in beauty brand MyGlamm, marking its first investment in DTC consumer goods brands

According to foreign media reports, Amazon, Ascent Capital and Wipro Consumer invested $24.1 million in Indian DTC brand MyGlamm last Friday. After the completion of this round of C financing, MyGlamm's valuation is expected to exceed $100 million.

This round of financing is Amazon's first investment in DTC and consumer brands in India , and also its first foray into India's booming personal care and beauty industry. Prior to this, Amazon had invested in insurance technology startup Acko, financial services company BankBazaar, on-demand home service company Housejoy and larger retailers such as Shoppers Stop and Future Group in India .

Including this latest round of financing, MyGlamm has received approximately $41.4 million in equity financing to date. It is reported that MyGlamm will use this latest round of financing to invest in product development, data science and technology research, and offline store expansion.

Founded in 2017 by Darpan Sanghvi and Priyanka Gill , the MyGlamm beauty brand is India’s fastest-growing DTC beauty brand ( its sales soared 400% in 2019), offering consumers more than 600 cruelty-free and vegan products across makeup, skincare and personal care .

In addition to its official online store, MyGlamm has set up more than 10,000 offline sales outlets in 70 cities in India and opened India's largest offline beauty experience store in Mumbai.

It is worth mentioning that MyGlamm acquired POPxo, India's largest online female digital platform with 88 million female users , and controlled all shares in August last year, which helped MyGlamm save 60%-70% of its annual marketing expenses. In addition to POPxo, MyGlamm also acquired Plixxo, an Indian influencer marketing platform with 75,000 influencers , greatly expanding its digital influence.

MyGlamm's investment in brand experience and online marketing has also successfully become a powerful driving force for its success during the epidemic, making its sales revenue during the epidemic almost twice that before the outbreak , and successfully achieving EBITDA (earnings before interest, taxes, depreciation and amortization) profitability.

Gill, co-founder and president of MyGlamm, said: “With this fundraising, we will further invest in strengthening our content marketing quality and brand impact while building MyGlamm into India’s largest beauty company , solidifying POPxo as India’s leading digital platform for women’s content, and making Plixxo India’s most engaging influencer marketing platform. ”

Amazon

Indian beauty brand MyGlamm