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My consumer-focused beauty product MyGlamm on Thursday said it had raised Rs 175 crore in the Series C funding cycle with investments from Ascent Capital, Amazon and Wipro Consumer.
The company said that during the new financial year, it had exceeded the value of more than 25,725 crore (USD 100 million).
“It is very exciting to have Ascent Capital, the largest investor in the Indian consumer space, as well as two experienced investors in building brands, Amazon and Wipro Consumer, joining our table,” MyGlamm founder and CEO Darpan said Sanghvi said in a statement.
This also marks one of Amazon’s first investments in beauty products in India, it said.
Founded in 2017, MyGlamm focuses on more than 600 non-abrasive and vegetarian products in all formations, skin care and personal care.
MyGlamm also has more than 10,000 offline shopping malls in more than 70 cities in India. The company will use its latest investments to invest in product development, support data and technology research, expand offline extensions, finance financial requirements etc.
MyGlamm claims to have registered 400 percent growth in 2019. It has acquired an online social media platform for women, POPxo, to expand its digital reach and also have an impact on the Plixxo marketing sector.
The company has doubled the expansion of offline sales by increasing its sales base from 500 to 10,000, while also investing in opening beauty salon stores in Mumbai.