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Amazon Invests Rs 175 Crore in MyGlamm

Beauty brand MyGlamm said on Thursday that it has closed its Rs 175 crore Series C funding round with investments from Ascent Capital, Amazon, and Wipro Consumer. This also marks one of the first investments made by e-commerce giant Amazon in a beauty brand in India. With the Series C round, MyGlamm becomes the fastest D2C (direct to consumer) beauty brand to cross the $100 million valuation mark in just three years of launch.
MyGlamm was founded in 2017 by Darpan Sanghvi and Priyanka Gill. The brand offers a range of over 600 cruelty-free and vegan products across makeup, skincare, and personal care. While it is digital-first, MyGlamm also has over 10,000 offline points of sales across 70 cities in India.

“We are really excited about all that we will be able to learn from both, Amazon and Wipro Consumer along with the financial rigor that Ascent Capital brings, as we move forward to fulfill our vision of building India’s largest beauty company leveraging DTC, digital, and data,” said Darpan Sanghvi, founder, and CEO, MyGlamm. The company will utilize its latest funding to invest in product development, support data science, and technology research. The funding would also help it increase offline expansion, fund working capital requirements, and expand content creation capabilities and the digital reach of POPxo and Plixxo.

“With this fundraising, we will further invest in enhancing our content and influencer capabilities to not only build out MyGlamm as India’s largest beauty company but also consolidate POPxo as India’s leading digital destination for women and Plixxo as India’s most engaging influencer platform,” said Priyanka Gill, co-founder, and president, MyGlamm.

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