MyGlamm, a Noida-based on-demand beauty and wellness service has raised an investment of ₹100 crore, led by Bessemer Venture Partners, and the Mankekar family office, valuing the company at Rs 500 crore.
While, L’Occitane, which is also an existing investors, also participated in the round.
“We believe that there is a complete dearth of beauty brands in India and the new millennial customer is looking to discover her brand online and on social media,” said Darpan Sanghvi, founder, MyGlamm.
MyGlamm is a direct-to-consumer beauty firm, which differentiates itself on content and celebrity-led marketing. It is an online platform that enables users to book and get on-demand beauty and wellness services for women.
The firm has a Rs 60-crore annual run rate, with customer retention rates of over 50%. It plans to launch in the Middle East and Southeast Asia this year.
Whereas, some of the significant beauty and wellness startups constitutes StayGlad, GetLook, Purplle, BigStylist, Belita, VanityCube, Zyloon, and among others.