ScoopWhoop and MyGlamm’s parent, which is backed by Amazon, is now valued over a billion dollars
Good Glamm Group
- The Good Glamm Group is a combination of three brands MyGlamm, POPxo and BabyChakra.
- The Series D round was led by investors Prosus Ventures (Naspers), Warburg Pincus.
- The Good Glamm Group has acquired four startups to date and up to four more will be announced by December 2021.
AdvertisementThe Good Glamm Group — the parent company of direct-to-consumer (D2C) beauty brand MyGlamm — has entered the unicorn club, after raising $150 million funding in its Series D round.
A unicorn, in startup parlance, is a company valued at or over a billion dollars.
About $140 million was raised as primary capital. The remaining $10 million was raised as secondary capital leading to the partial exit of Chiratae Ventures, MyGlamm’s founder Darpan Sanghvi told Business Insider. Several undisclosed high networth individuals (HNI) have also exited the company.
The Series D round was led by investors Prosus Ventures (Naspers), Warburg Pincus along with the participation from Alteria Capital. Existing investors such as L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office also participated in the round.
The Good Glamm Group is a culmination of three brands MyGlamm, digital media/e-commerce platform POPxo and online parenting startup BabyChakra.
The three companies and their founders — Darpan Sanghvi (MyGlamm), Priyanka Gill (POPxo) and Naiyya Saggi (BabyChakra) — have created this entity to set up a house of brands and further enhance each other’s presence in the beauty and personal care space.
The group entity has also acquired well-known digital media brand ScoopWhoop and The Moms Co, which offers mom and baby care products. Each of the acquired companies continue to operate independently.
The Good Glamm Group has acquired four startups to date and up to four more will be announced by December 2021. The company has spent about ₹2,000 crore in these acquisitions.
“We are done with most of our acquisitions, there may be one or two more white spaces, which may opportunistically come along our way for the next 6-12 months,” Sanghvi added.
Source: Good Glamm Group
|MyGlamm||Adding 350 new customers on a monthly basis; 30,000 retail touch points|
|MomsCo||1,500 retail touch points|
|BabyChakra||20 million months, 10,000 doctors|
|PopXo||88 million users|
|ScoopWhoop||100 million users|
AdvertisementThe Good Glamm Group will be utilising its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements.
A part of the fund would also be used to expand the content creation capabilities and digital reach of POPxo, Plixxo, BabyChakra and ScoopWhoop. The Group will also continue to make investments in more beauty and personal care brands.
“This fund that we have raised is primarily to solidify all the value engines of the group,” Sanghvi said, adding that this will help the core business of the group to grow. He further elaborated that the Good Glamm Group would be looking to further expand its distributions through online as well as offline channels.
The company is also setting up a new research and development (R&D) lab in Mumbai.
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