MyGlamm, a beauty startup from India, has just raised $24 million in its Series C funding round.
The round was co-led by Ascent Capital, Wipro Consumer, and Amazon, raising MyGlamm's valuation from $70 million to $100 million.
Both based in India, Ascent Capital is a capital firm focused on the growth of companies in the country, while Wipro is a multinational Information Technology company.
Founded in 2017 by Darpan Sanghvi, MyGlamm is one of the fastest-growing direct-to-consumer (D2C) beauty startups in India, with a presence in over 70 cities across the country.
The company has an inventory of more than 600 makeup, skincare, and personal care products available to customers, which can all be purchased online.
As a D2C company, MyGlamm sells its products through e-commerce platforms including Amazon.
“Over the past year, D2C brands have been an attractive proposition for consumers as well as investors,” reported Entrackr.
Since June 2020, MyGlamm has generated $41.3 million in revenues and is on track to generate $100 million by the end of 2021.
Moving forward, My Glamm aims to expand from 10,000 points of sales to 25,000 networks by the end of 2021.