Good Glamm Group, the parent company of direct-to-consumer beauty brand MyGlamm, has raised $150 million in a Series D round led by Prosus Ventures (previously Naspers), Warburg Pincus, Alteria Capital, and existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital, and the Mankekar Family Office.
With a $1.2 billion valuation, the company claims to be India’s first direct-to-consumer beauty and personal care company to achieve unicorn status. This is the 35th startup overall, and the second D2C brand after Licious, to reach unicorn status in 2021.
In just eight months, the company’s valuation has nearly tripled. During the first tranche [$24 million] of its Series C round in March of this year, the company was valued at around $100 million. The round was closed in July for $71 million at an undeclared valuation.
The funds will be used by Good Glamm Group to invest in product development, support data science and technology research, increase offline expansion, and fund working capital requirements. Furthermore, it will help expand POPxo, Plixxo, BabyChakra, The Moms Co., and ScoopWhoop’s content creation capabilities and digital reach.
Since its first acquisition [POPxo] in August of last year, Good Glamm Group has been on an acquisition binge. Since then, the company has connected five of its brands to its portfolio. ScoopWhoop, a digital media and lifestyle content platform, and The Moms Co., a direct-to-consumer D2C brand, are the most recent additions.