Beauty brand MyGlamm has raised Rs 100 crore, led by Bessemer Venture Partners, and the Mankekar family office, valuing the company at Rs 500 crore.
Existing investor L’Occitane, a beauty and cosmetics brand, also participated in the round.
MyGlamm is a direct-to-consumer beauty brand company, which differentiates itself on content and celebrity-led marketing to lure and retain customers. The company has a Rs 60 crore annual run rate, with customer retention rates of over 50%.
MyGlamm plans to launch in the Middle East and Southeast Asia this year.
“We believe that there is a complete dearth of beauty brands in India and the new millennial customer is looking to discover her brand online and on social media,” said Darpan Sanghvi, founder, MyGlamm. “We are using technology and content to not only allow customers to discover us, but to also engage intelligently with them after they have purchased our products,” he said.
The company competes with online beauty and skincare retailer Nykaa’s private label brand. Both companies have, however, deployed an omni-channel strategy, with high social media engagement centred around content.
The domestic online beauty and personal care market is expected to cross $3.5 billion by 2022, from about $300 million in 2017, according to RedSeer Consulting.
This round also saw Tano Capital divest 80% of its shareholding for a 3x return on total investment.