MyGlamm Raises INR100 crore – Bessemer Leads Funding
Beauty and makeup brand MyGlamm has raised INR100 crore in a funding round led by US-based Bessemer Venture Partners. As per reports, the Mankekar family office and existing investor L’Occitane International SA also participated in the round. The brand’s early investor Tano Capital is reported to exist as per the deal and will be getting a 3-fold return on its investment – INR 30 Crore.
Bessemer has been investing in India since 2005 and had closed its new fund at $1.85 billion last year – making only follow-on investments in four firms in its local portfolio, according to VCCEdge. The firm’s investments in India include home services marketplace UrbanClap and online drug delivery platform PharmEasy.
MyGlamm was founded in April 2015 by Darpan Sanghvi and is run by Sanghvi Technologies Pvt. Ltd. The brand initially offered on-demand beauty services but changed to create a line of beauty products in 2017. Previously, it had raised $6 million in Series A funding, in 2016 from L’Occitane International, Tano Capital and Brand Capital.
Source: www.vccircle.com