Direct-to-consumer beauty brand MyGlamm has raised 175 crore rupees ($24.14 million) in a series C funding round led by Ascent Capital, Amazon and Wipro Consumer, which values the company at more than $100 million.
This is the first investment Amazon has made in an Indian consumer brand – though it has enthusiastically been investing in Indian financial and tech services providers, as well as large retailers, such as Shoppers Stop and Future Group, in recent years.
Walmart-owned Flipkart, Amazon’s major competitor in India’s online retail marketplace space, has long actively invested in brands such as Aditya Birla Fashion and Arvind Youth Brands, while Flipkart’s fashion retail platform Myntra has also invested in several brands while simultaneously building a strong portfolio of private labels, often in collaboration with celebrities.
With this investment in MyGlamm, Amazon gets its foot in the door of the country’s burgeoning personal care and beauty segment.
“Amazon remains committed to backing homegrown startups and brands that share our customer focus and belief in accelerating their growth through digital commerce,” said Manish Tiwary, Vice President of Amazon India. “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.”
Founded in 2017 by Darpan Sanghvi, MyGlamm is an omnichannel beauty brand offering a range of more than 600 cruelty-free and vegan products across makeup, skincare and personal care. While it started life online, MyGlamm also boasts over 10,000 offline points of sale across 70 cities in India.