L’Occitane-backed beauty etailer MyGlamm adds $4.35 mn to funding cart

Sanghvi Beauty and Technologies, which runs online beauty product platform MyGlamm, has raised $4.35 million (Rs 33.08 crore) in a Series B round of funding from its existing investors.

French cosmetic major L'Occitane International, venture capital firm Bessemer Venture Partners, alternative asset management firm Tano Capital, venture debt provider Trifecta Capital and founder Darpan Sanghvi are the shareholders of the company.

The Mumbai headquartered company has raised the funds via rights basis. On June 3, MyGlamm’s shareholders approved issuing 6,592 Series B2 preference shares at Rs 50,176 per share on a rights basis, totalling to Rs 33.08 crore, regulatory filings showed.

The shares will be issued to all the existing equity shareholders on a proportional basis. Currently, founder Sanghvi is the largest shareholder in MyGlamm, holding 43.19% stake, followed by L’Occitane at 37.80%, Bessemer holding 15.14% and Tano Capital at 3.87%.

In its last reported round, MyGlamm raised $1.8 million from Trifecta Capital in a mixed securities issue. The company issued debentures, Series B1 preference shares and a single equity share.

According to an independent valuation report, the round values MyGlamm at $73.6 million, as on December 31, 2019, separate filings show.

Since its inception in 2015, MyGlamm has raised $17.21 million from these investors, according to data available with VCCEdge.

MyGlamm sells beauty and makeup kits on its website, including brand products of fashion designer Manish Malhotra. It also partners with offline retail stores such as Lifestyle and Shoppers Stop. Besides MyGlamm, Sanghvi also runs an offline beauty and wellness business called Sanghvi Brands, which operates the franchise of L’Occitane Spa and other salons and spas such as Warren Tricomi, Elle Spa & Salons and Holyfield Gyms.

MyGlamm competes with other beauty product platforms such as Nykaa and Purplle.

FSN E-Commerce-owned Nykaa, which is the most funded startup in the space with a total infusion of $100 million, raised $22 million from Steadview Capital once in April and another in May. Earlier this month, it raised about $2.6 million in an equity capital infusion from Sunil Kant Munjal.

In January this year, Purplle raised $8 million in a Series C round from Brussels-headquartered family investment firm Verlinvest.