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D2C brand My Glamm’s parent The Good Glamm Group on Tuesday announced that it has raised $150 million in its Series D round co-led by marquee tech and private equity investors Prosus Ventures (Naspers), Warburg Pincus along with the participation from Alteria Capital and existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office.
Post this round, the start-up was valued at $1.2 billion making it the first D2C brand unicorn in India.
The valuation went up by 3.8 times against $310 million in Series C post money valuation announced in September, Darpan Sanghvi, Group Founder and CEO, Good Glamm Group told BusinessLine.
Several HNI investors exited in this round while Chiratae Ventures opted for a partial exit.
“When POPxo and MyGlamm came together there were a few HNI investors of PopXO who became a part of the Good Glamm Group’s cap table. Chiratae Ventures also partially exited. The total secondary sale was of $10 million but that was over and above the $150 million primary infusion,” Sanghvi said .
The fresh funds will be utilised to increase offline expansion and strengthening existing portfolio brands by investing in content creation capabilities and expanding digital reach apart from continuing to make investments in more brands. The start-up will also be working on product development, support data science and technology research.
‘War chest’
Priyanka Gill, Co-Founder, Good Glamm Group told BusinessLine, “ The funds will be used to nurture and grow existing brands and make investments in product development and technology. We will also invest in our content and creator assets. This money is more of a war chest for us. We are EBITDA positive, we don’t really need this money to readily burn or have a runway. This is a great position to be in. We are at $120 million annual revenue run-rate at the moment. But we are hoping to at $250 million revenue runrate by March 2022.”
Ashutosh Sharma, Head of Investments, India, Prosus Ventures , said: “We are very excited to partner with the Good Glamm Group to disrupt the beauty and personal care industry and this marks our first investment in the DTC category. The Good Glamm team has paired desirable, homegrown brands with compelling content, building an incredibly engaged community and positioning them well for future growth in India and beyond.”
“We are delighted to back Darpan and the entire team at the Good Glam Group. With a strong portfolio of D2C brands and proprietary content assets, the group is well positioned to scale rapidly and create a large digital-first business in the beauty and personal care space.” Vishal Mahadevia, Managing Director and India Head at Warburg Pincus added.
As Good Glamm Group plans to enter men’s grooming segment, brands get to leverage its vast customer and user base through POPxo’s 88 million users, ScoopWhoop’s 100 million users, BabyChakra’s network of 20 million mothers and 10,000 doctors, and influencer management platform Plixxo’s 220,000 influencers.
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