Bessamer Venture Partners is leading a Rs130 crore investment round in Mumbai-based start-up MyGlamm, according to a report published by the Times of India.
Other participants in the round include L’Occitane. The deal values the direct-to-consumer cosmetics brand – said to be India’s answer to Glossier – at Rs500 crore.
“Globally, a large number of businesses are going direct-to-consumer, for which the biggest reason is to establish a connect with users to get feedback, serve them better and giving the best experience. Beauty is a very content driven category and having an omni-channel approach is the best,” Vishal Gupta, Bessemer MD, told the Times of India.