An omnichannel direct-to-consumer company, MyGlamm has secured Rs 175 crore in its fresh funding round. The Series C funding was led by Amazon, Ascent Capital, along with Wipro Consumer. The beauty brand was valued around $100 million in the funding round.
The funding was Amazon’s first investment in an Indian consumer brand.
“Amazon remains committed to backing homegrown startups and brands that share our customer focus and belief in accelerating their growth through digital commerce. We are excited by the innovative products and brand experience that MyGlamm brings to Indian customers in a high-salience category like beauty which is deeply personal to customers,” said Manish Tiwary, VP of Amazon India.
“We wanted to raise only Rs 110 crore but ended up taking on board more investors and capital because of what each of these investors bring to the table apart from capital. The round received Rs 600 crore worth bids,” said Darpan Sanghvi, Founder – MyGlamm.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.