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Start-up MyGlamm, which provides on-demand home services for beauty and hair care, plans to raise $15 million in the second round of funding by the end of the year. Having raised seed funding of $2 million from US-based PE player Tano Capital, MyGlamm is now gearing up to go pan-India with a presence across the top 10 cities.
“It has been about six weeks since we started MyGlamm, but we are ready to raise $15 million in the second round. Our existing investor Tano Capital will also be participating,” said MyGlamm founder Darpan Sanghvi.
“While there are about 15 start-ups in this space of hair and beauty care, we are the heaviest in terms of getting funding currently.”
Scalable model“Today we are present in Mumbai and Pune but have a scalable model and this time we are seeking VC funding,’’ he added.
Other recent start-ups in this space include Delhi-based Vanity Cube, which has also raised funds from a group of angel investors.
Sanghvi has experience in this arena — he holds the licence to operate international chains such as L’Occitane spas and Warren Tricomi salons through his company Sanghvi Brands.
Last year, Tano Capital had invested $10 million in Sanghvi Brands as well for a minority stake.
“Tano Capital has already invested in our brick-and-mortar salons and spas and since we already have domain experience, it is on this strength we ventured into the online space with MyGlamm,’’ added Sanghvi.
MyGlamm takes inspiration from start-ups in the beauty and wellness space such as Helijia from China, which raised $50 million with a $300-million valuation within a year of launch.
App rollout“We will launch our app next month and the projections thereafter will be a 10-city rollout with a gross merchandise value of ₹2,500 crore with an 11 per cent net margin,” said Sanghvi.
Competing with neighbourhood salon and spas, MyGlamm will peg its services at a discount.
“Our home services are going to be cheaper than the neighbourhood salons.
“Today, we have on board 2,500 stylists and beauticians who form part of our artist panel for services which range from haircuts to massages. It will take us at least two years to break even operationally,” he added.
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