Beauty brand MyGlamm closes Accel-led funding round at Rs 530 crore

The top-up was led by marquee global venture capital firm Accel along with existing investors

India’s fastest growing DTC (direct-to-consumer) beauty brand MyGlamm has closed its Series C funding round at Rs 530 crore. This includes a top up of Rs 355 crore to the existing Rs 175 crore it had closed in March of this year. The Rs 355 crore top-up was led by marquee global venture capital firm, Accel, with participation from existing MyGlamm investors. This is the largest quantum of capital raised by any beauty brand in India in its Series C round, and also marks one of the largest growth cheques written by Accel in India.

MyGlamm will be using its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo.

“We are excited about focusing on execution and fulfilling our vision of creating India’s largest beauty company, with great brands and products built on the back of DTC, digital and data,” said Darpan Sanghvi, founder and CEO, MyGlamm.

Founded in 2017 by Darpan Sanghvi and co-founded by Priyanka Gill, MyGlamm is India’s fastest growing D2C beauty brand offering a range of over 800 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.

“I am very excited to be working alongside Darpan (Sanghvi) on our mission to make MyGlamm India’s largest beauty company and scale up POPxo and Plixxo, strengthening our content-to-commerce moat,” said  Priyanka Gill, co-founder, MyGlamm

MyGlamm had opened its Series C earlier in March this year with a Rs 175 crore investment from Ascent Capital, Amazon and Wipro. And it has now closed Series C with an additional Rs 355 crore that saw Accel lead the round with participation from Bessemer Venture Partners, L’Occitane, Ascent, Amazon, Mankekar family, Trifecta and Strides Ventures.

“We believe that the time is ripe for building out digital first CPG brands with a deep focus on content-to-commerce. Covid has only cemented this belief,” said Anand Daniel, Partner, Accel. “The unique combination of content coupled with a compelling product line gave us the conviction to lead this round in MyGlamm.”