MyGlamm’s parent firm The Good Glamm Group has raised $150 Mn in its Series D round led by Prosus Ventures and Warburg Pincus. The round also saw participation from debt investment firm Alteria Capital while existing investors like Amazon, Ascent Capital and Bessemer Venture Partners.
With this funding round, MyGlamm has become the 35th and the newest unicorn in 2021. The Mumbai headquartered firm commanded a valuation of $1.2 Bn in its series D round. This is almost a 12x increase in its valuation since its series C in March this year, when it was valued at paltry $100 Mn.
MyGlamm claims that it is the first D2C brand to turn unicorn. However, notably Licious, which also turned unicorn earlier this year, made a similar claim.
The Good Glamm Group has said that it will use the latest capital infusion for wide-range of things. This includes product development, supporting data science and development research and augmenting offline expansion.
MyGlamm’s coronation as the latest unicorn has come at a time when the IPO of Nykaa, an e-commerce platform that sells beauty products through omnichannel model, has received a good response from investors. According to media reports, MyGlamm is looking for an IPO listing in the financial year 2022-23.
MyGlamm’s strong appetite for growth is also quite palpable in its push for growth through inorganic route. Off late, the Mumbai headquartered company has been picking up quite a few companies, starting from PoPxo, Plixxo, The Moms Co and ScoopWhoop. If the media reports are to be believed then the company is likely to acquire another four brands by the end of this year.
Meanwhile, India’s IPO party continues at an unabated pace. There is every likelihood that few more startups may hit the billion-dollar valuation by the end of December this year.