With the ambition to become the largest CPG company in India, MyGlamm set out to build a “Digital Unilever”. Glamm Group, which will bring together the MyGlamm, POPxo and BabyChakra activities under a single entity. The new entity has a $ 100 million war chest and a mandate to acquire six beauty and personal care businesses by March 2022.
Founded in 2017 by Darpan Sanghvi, MyGlamm is an omnichannel beauty brand with a line of over 800 cruelty-free and vegan products for makeup, skin care and personal care. While the business is digital first, MyGlamm will have 30,000 offline outlets by the end of the year in 70 cities in India, and last year opened a 3,000 square foot interactive flagship which is six times larger than the average for Indian beauty stores.
MyGlamm acquired the female-centric digital platform POPxo in September 2020 and the best Indian parenting platform BabyChakra in August 2021. All three companies reported that their one-man businesses have grown after their partnership. The founders of these companies, Priyanka Gill (POPxo) and Naiyya Saggi (BabyChakra), have joined Darpan Sanghvi as co-founders of MyGlamm and will share the management of the new entity.
“During this group-building journey, we realized that we have some amazing growth engines. We have access to 88 million users through POPxo and 20 million mothers through BabyChakra, and then we have the expertise of MyGlamm in building products and driving distribution. ”Sanghvi told Business Insider.
The company is reportedly already in talks with several potential targets and is looking for Indian brands with at least 50 (about $ 6 million) to 200 crore ($ 26 million) in revenue. The intention is that the companies continue to operate as individual entities but have access to the infrastructure and resources of the Good Glamm Group as well as current and future customer bases.
At the time of the last round of funding, Sanghvi told TechCrunch, “The commerce engine content has become our biggest gap. We acquire 250,000 new users every month without spending real money.
The founders of Good Glamm Group said they currently have a revenue rate of 740 crore ($ 100 million) and are targeting 1,850 crore ($ 250 million) by March. After building a portfolio of brands, the company will push for an IPO by 2023 as the first digital CPG company in India.
MyGlamm investors include Amazon, Bessemer Venture Partners, L’Occitane, Mankekar Family Office, Tano Capital, Ascent Capital, Wipro Consumer, Trifecta Capital, Stride Ventures and Accel, among others.