Beauty and wellness brand MyGlamm secures Rs 100 crore funding

MyGlamm, a direct-to-consumer beauty brand company, has secured Rs 100 crore funding. The round, led by Bessemer Venture Partners, and the Mankekar family office, valued the company at Rs 500 crore.

The round has also seen participation from existing investor L’Occitane, a beauty and cosmetics brand.

MyGlamm differentiates itself on content and celebrity-led marketing to lure and retain customers. The brand has a Rs 60 crore annual run rate, with customer retention rates of more than 50%. 

The company is eyeing to launch in the Middle East and Southeast Asia in 2019.

Darpan Sanghvi, Founder of MyGlamm, said, “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. 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.”

The brand is competing with online beauty and skincare retailer Nykaa’s private label brand. However, both companies have deployed an omni-channel strategy, with high social media engagement centred around content.