L’Occitane is said to be leading a US$6 million funding round for Mumbai-based on-demand beauty services start-up MyGlamm, according to a report published by The Economic Times. Tano Capital and Brand Capital have also been named as investors.
MyGlamm will use the investment to expand into eight new cities across India and into the Middle East, and is also said to be in talks to raise a further US$4 million from an Indian consumer internet company. Both L’Occitane and Tano will have representatives on the board of MyGlamm.
“This is the first instance globally of a beauty company investing in a tech-enabled start-up in the space,” MyGlamm Founder Darpan Sanghvi told The Economic Times. “The strategic support of L’Occitane in our growth will also be a big differentiator over the competition.”
Sanghvi has an established business relationship with L’Occitane, holding the master franchise for L’Occitane Spa via his company Sanghvi Brands.