The Good Glamm Group, the parent company to D2C beauty brand MyGlamm has become the latest entrant to the Indian Unicorn list after reaching at a total valuation of $1.2 billion owing to the latest round of funding headed by private equity investors Prosus Ventures (Naspers) and Warburg Pincus.
The Good Glamm Group plans to use these funds to primarily invest in product development, support data science and technology research, increase offline expansion, and also to fund working capital requirements.
The company claims to have become the first beauty and personal care D2C brand to enter the coveted unicorn club, and has been valued at $1.2 billion (Rs 8,886 crore) following this transaction. MyGlamm is India’s fastest-growing D2C magnificence model, with a spread of over 800 cruelty-free and vegan merchandise throughout classes similar to make-up, skincare, and private care. It additionally has over 30,000 offline factors of sale throughout 70 cities of India.
MyGlamm, which last month acquired D2C mother and baby care brand The Moms Co for over $65 million, is planning to make four more acquisitions in the haircare, naturals and personal hygiene sectors by the end of this year.
“Entering the Unicorn Club marks Day 1 for all of us in the Good Glamm Group. And we couldn’t be extra excited and privileged to embark on the journey from 1 to 10, with Prosus and Warburg, who deliver unbelievable energy and expertise to our firm,” stated Darpan Sanghvi, Group founder and CEO at Good Glamm Group.
In September, MyGlamm topped up its Series C fundraise with a $34 million (Rs 255 crore) infusion led by a fairness funding from the Trifecta Leaders Fund and structured financing from Trifecta Capital and Stride Ventures.
