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Saturday, October 31, 2020

Alpha advises POPxo in sale to MyGlamm

Alpha Partners advised POPxo, a digital platform targeting women and subsidiary of UK-based Luxeva, when it was sold to beauty products retailer MyGlamm for an undisclosed amount.

UK-based Excello Law advised Luxeva on the English law aspects of the sale. ALMT Legal advised MyGlamm. The deal was announced on 7 August and completed on 19 August.

Following the acquisition, POPxo’s existing investors – which include Chiratae Ventures, Kalaari Capital and Neoplux Venture Capital will join MyGlamm’s existing investors. Anoma Legal advised Chiratae Ventures and Kalaari Capital.

Alpha Partners’ team comprised Managing Partner Akshat Pande, Senior Associate Richa Bhagat, and Associates Shreya Solenkey and Anamika Shukla. Pande told India Business Law Journal, “The most interesting part of the deal was to get all 20-plus investors of Luxeva onboarded in MyGlamm.” He said the investors were from multiple jurisdictions, and were both institutional and individual investors.

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Describing the deal as ‘fairly complex’, Statira Ranina, a partner at ALMT Legal who advised on the deal, said it also involved the acquisition of IP from POPxo’s UK parent company. Ranina added that the deal required no regulatory approvals.

ALMT Legal’s team included Principal Associate Raghav Shah, Senior Associates Jenika Solanki, Ankit Parekh and Khusbu Jasani, and Associates Vinit Shah and Mihir Mekal.

Excello Law’s team was led by Business and Corporate Specialist Deborah Evans. Anoma Legal’s team comprised partner Arjun Sharma, who represented Kalaari Capital, and partner Anisha Jayaram, who represented Chiratae Ventures, along with Senior Associate Anupam Roy.

Following the acquisition, POPxo’s promoter is set to join MyGlamm as a Co-founder. The acquisition is expected to help MyGlamm connect with POPxo’s 43 million active monthly users.

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