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Good Glamm Group joins India’s unicorn club after latest funding round

The round saw participation from existing investors Alteria Capital,  L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office participating, the company said in a statement on Tuesday. The company has additionally undertaken a secondary share sale worth $10 million. 

With the fund raise, The Good Glamm Group is valued at $1.2 billion, making it the first beauty commerce brand this year to enter India’s coveted league of unicorns or a privately held startup valued at $1 billion or more. 

The Good Glamm Group is the 35th domestic company to turn unicorn in 2021, amidst a funding boom favouring Indian startups.  

MyGlamm rebranded itself to the Good Glamm Group in a bid to consolidate all entities under one umbrella brand.  

The Good Glamm Group comprises a portfolio of proprietary beauty and personal care brands, which are marketed across a digital ecosystem of content, community and creator assets. These consist of personal care brands including cosmetics brand MyGlamm as well as premium mom and baby brand, MomsCo, and baby products brand, Baby Chakra, which it acquired this year. 

These brands leverage the Group’s proprietary digital assets, which comprises female content brand POPxo, parenting platform BabyChakra, and recently acquired ScoopWhoop. 

 “Previous fundraises (this year) allowed us to make various acquisitions as we built the content-to-commerce platform. However, this fund raise is about bolstering value engines for our brands. This includes building for offline distribution, research and development (R&D) on new products, and for building our tech and data functions,” said Darpan Sanghvi, group founder and chief executive officer (CEO), Good Glamm Group, in an interaction with Mint.

Sanghvi also added that the Group is clocking an annual revenue run rate of $120 million, and plans to scale it to $250 million by March 2022.  

Good Glam also owns influencer management platform Plixxo which has close to 220,000 influencers onboard.  

 “We are a house of brands. So, influencers help us with the acceleration of trust and discovery through their different cohort of followers. Hence, it is a fast way to accelerate trust when compared to larger FMCG brands, said Naiyya Saggi, co-founder, Good Glamm Group.

The company is expected to close four more acquisitions by this year in the beauty and cosmetics space.  

 “We are following a ‘house of brands’ strategy where we are looking at strategically acquiring brands to fill gaps in our current portfolio. This is followed by an ecosystem model of content and influencers driving commerce,” Priyanka Gill, co-founder, Good Glamm Group. 

At present, Good Glam Group has an offline distribution channel across 30,000 retail points, and looks to scale its reach to 100,000 stores by March 2022. 

The company raised ₹175 crore as a part of its Series C funding in March.  It raised an additional ₹355 crore in July, led by Accel.  

 “We are delighted to back Darpan and the entire team at the Good Glam Group. With a strong portfolio of D2C (direct-to-consumer) brands and proprietary content assets, the group is well positioned to scale rapidly and create a large digital-first business in the beauty and personal care space.” said Vishal Mahadevia, managing director and India head at Warburg Pincus.  

The company is also looking at expanding internationally by August, next year, and is targeting a public listing in the next three years, company founders told Mint.

Investor interest in India’s D2C market has been heightened this year. Early this year, D2C brands including meat delivery startup Licious and cloud kitchen brand Rebel Foods also entered India’s coveted unicorn league. 

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