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India’s Good Glamm Group raises $150m, becomes unicorn

10:13, 10 November 2021

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Set of decorative cosmetic powder, concealer, eye shadow brush, blush, foundation
Good Glamm is India's first beauty unicorn – Photo: Shutterstock

Indian content-to-commerce conglomerate Good Glamm Group has raised $150m (INR11.2bn) funding with an enterprise valuation above $1bn, a company statement said.

The Amazon-backed Good Glamm has emerged as the country’s first unicorn in the direct-to-customer personal care and beauty business after this funding round. Unicorn is a term used to describe a privately-held startup company with a value of over $1bn.

The fresh funding round (Series D round), which included both primary and secondary sales, was co-led by private equity investors Prosus Ventures, Warburg Pincus along with the participation from Alteria Capital.

Existing investors join

The round also saw participation from existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital, Stride Ventures and the Mankekar Family Office.

“Entering the unicorn club marks Day 1 for all of us at the Good Glamm Group. And we couldn’t be more excited and privileged to embark on the journey from 1 to 10, with Prosus and Warburg, who bring incredible strength and experience to our company,” says Darpan Sanghvi, group founder and CEO of Good Glamm Group.

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The group will use the funding to invest in product development, support data science and technology research, increase offline expansion and for business requirements. It would be also used for expanding the digital reach of POPxo, Plixxo, BabyChakra and ScoopWhoop — digital media properties owned by the company. 

The Group will also continue to make investments in more beauty and personal care brands, it said.

Mission-aligned

“The consumer’s needs are at the heart of all the work we do at the Good Glamm Group, and it is a privilege to build with Prosus Ventures and Warburg who are strong, mission-aligned partners. This partnership demonstrates conviction in the Good Glamm Group's vision to bring under one roof, trusted brands, passionate founders and teams are driven to ensure the best care across our consumer’s lifecycle,” said Naiyya Saggi, co-founder at Good Glamm Group.

The Good Glamm Group owns a portfolio of beauty and personal care brands including MyGlamm (cosmetics brand), MomsCo (mom and baby care brand), POPxo (cosmetics for tweens) and Baby Chakra (baby products).

Read More: Indian stocks cautious as global equity sell-off rattles Asia

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