THE WHAT? India’s DTC beauty brand MyGlamm has closed its Series C funding round at US$71 million with a top up of $47.5 million to the existing $23.5 million crores it had closed in March of this year.
THE DETAILS The round was led by marquee global venture capital firm Accel, along with other investors including Bessemer Venture Partners, L’Occitane, Ascent, Mankekar family, Trifecta, Strides Ventures, Ascent Capital, Amazon and Wipro.
The funding round is said to be the largest amount of capital raised by any beauty company in India in a Series C round.
THE WHY? According to MyGlamm it will use the funding to “invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo.”
Darpan Sanghvi, Founder and CEO, MyGlamm, said, “We have always admired a high quality firm like Accel from the outside and it is a privilege to now have them on the inside at MyGlamm. Their track record and expertise on what it takes to build a consumer internet business in India is something that we look forward to tapping into.
“We are delighted to have closed our Series C and are excited to focus on execution and fulfilling our vision of creating India’s largest beauty company, with great brands and products built on the back of DTC, digital and data.”