Beauty brand MyGlamm has raised Rs 175 crore in a Series C funding round led by Ascent Capital, Amazon and Wipro Consumer.
The investment round values MyGlamm at over $100 million, The Economic Times reported. This is the first time e-commerce major Amazon has invested in a consumer brand in India.
Amazon has invested in insurtech startup Acko and financial services marketplace BankBazaar but did not back a consumer brand in India until now.
“Amazon remains committed to backing homegrown startups and brands that share our customer focus and belief in accelerating their growth through digital commerce,” said Manish Tiwary, VP, Amazon India, as quoted by the paper.
“We are excited by the innovative products and brand experience that MyGlamm brings to Indian customers in a high-salience category like beauty which is deeply personal to customers,” Tiwary said.
Founded in 2017 by Darpan Sanghvi, MyGlamm has raised Rs 300 crore in equity financing, including the latest round. The company has an online store and more than 10,000 offline points of sale across 70 cities in India.
In August 2020, MyGlamm acquired POPxo, a digital media platform focused on women.Existing investors of MyGlamm include Bessemer Venture Partners, L’Occitane, Mankekar Family Office, Tano Capital, Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital.