The company, which had
raised Rs 175 crore in March when the round opened, is now valued at Rs 2,000 crore, almost three times more than its previous valuation of $100 million (Rs 745 crore), said people aware of the matter.
The company will use the funds for product development, supporting data science and technology research, increasing offline expansion, fund working capital requirements and expanding content creation capabilities and digital reach of POPxo and Plixxo, Darpan Sanghvi, cofounder of MyGlamm, told ET.
“We have witnessed higher pace of growth in the last three months and given the investor interest, we decided to expand our series C round to accommodate a tech driven fund such as Accel. We expect to leverage their tech expertise to further grow our platforms,” said Sanghvi.
The company is expected to clock Rs 750 crore in revenue by the end of the current calendar year. Its current revenue run rate is Rs 480 crore.
“We look to enter the hair care segment,” said Sanghvi.
MyGlamm sells products across makeup, skincare, haircare, bath body and personal care. The company is acquiring 250,000 new customers every month and is present across 15,000 point of sales (POS) across 70 cities in India.
“By December 2021, we plan to have 35000 to 40,000 POS across 100 cities of India and 1,000 stock keeping units across makeup, skincare, haircare and personal care,” said Sanghvi.
Last year, the company
acquired POPxo and has seen its monthly active user count grow to 60 million from 48 million in September 2020.
New-age, digital-first personal care and beauty brands such as Nykaa, Purplle, Sugar Cosmetics, Mamaearth and Plum Cosmetics have attracted the interest of risk investors. The pandemic has
boosted the business of online-led brands as it has hastened digital adoption by consumers and led them to increasingly buy these products. Most of these companies have closed a funding round in the past three months or are in the process of announcing one.