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Beauty services provider MyGlamm has raised $6 million from global beauty giant L'OCCITANE International S.A., US-based PE fund Tano Capital and Brand Capital from the Times of India Group.
The deal with Brand Capital is in documentation stage, the company said in a statement.
“Beauty is the category with the highest margin and highest repeat business in the home services category, making beauty by far the most exciting category in the home services business. And it is also the category which requires maximum domain expertise and focus - and given our background of running Salons and Spas globally, we think MyGlamm is best poised to execute this in India,” said Darpan Sanghvi, Founder of MyGlamm.
Launched in 2015, MyGlamm conducts 600 services a day. It is gross margin positive and it intends to have a net profit by the end of this year. Repeats form more than 60 per cent of the business at MyGlamm and what is really exciting is that repeat customers spend a lot more than new customers, while new customers spend Rs 1,500 on MyGlamm, repeat customers spend Rs 2,900 on MyGlamm.
Gross margins at MyGlamm are in the region of 50 per cent.
rajesh.kurup@thehindu.co.in
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