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Direct-to-consumer beauty brand MyGlamm has topped-up its Series C fundraise with a ₹255 crore infusion and announced the formation of the Good Glamm Group.
The new fund infusion comprised equity investment from Trifecta Leaders Fund and structured financing from Trifecta Capital and Stride Ventures. With the launch of the Good Glamm Group, MyGlamm is looking at building a ‘Digital House of Brands’.
Funds for strategic investments
The Good Glamm Group has earmarked ₹750 crore 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 comprising 88 million POPxo annual users, 220,000 Plixxo influencers and Baby Chakra’s 20 million mothers’ community and 10,000 doctors network.
“The purpose of the Good Glamm Group is to transform the beauty journey of millions of women, through great content and innovative products from the Group’s house of brands. 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. In this journey, we have partnered with high quality long term investors like Trifecta Capital,” says Darpan Sanghvi, Founder & CEO, Good Glamm Group.
It is unprecedented for brands, consumers and experts to come together virtually at this scale under one umbrella, leverage communities and conversations powered by product, tech and data, to co-create care and beauty products for the new generation of Indian women,” says Naiyya Saggi, Co-Founder, Good Glamm Group.
“Trifecta Capital is proud to partner in this stellar journey of MyGlamm and its transformation into the Good Glamm Group. We are big believers in the company’s vision of building the digital house of brands and have strong conviction in Darpan and his team’s capabilities to execute this bold vision. Through our recently launched equity fund Trifecta Leaders Fund - I, we have provided growth financing to the company. We continue to support such exciting businesses across their lifecycle with a range of financing solutions tailored for the start-up ecosystem,” says Rahul Khanna, Managing Partner, Trifecta Capital.
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