New Delhi: Direct-to-consumer beauty brand MyGlamm is in advanced discussions for fund-raising, where it expects to raise close to Rs 110 crore from new and existing investors. The company, which turned EBITDA-positive recently, hopes to close the fund-raising exercise by January 2021, Darpan Sanghvi, Founder and CEO, MyGlamm said.
“We are actually in the middle of fund-raising, and we expect it to close by next month. We are talking to new investors for the fund- raising round, where the existing investors will also participate,” he told .
This ‘Series C’ fund-raising is geared towards the capital requirements for future growth of the company.
“We expect to grow 3-4X in the next 12 months, which will require some investments in inventory build up…also, it entails funds needed as working capital, and the rest for any other opportunities that we might to pursue,” he said.
The last round of fund-raising was in June 2019, when the company had raised Rs 100 crore, Sanghvi said.
In August this year, MyGlamm had acquired POPxo, a digital community for millennial women. Post the acquisition, Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital joined MyGlamm’s existing investors – Bessemer Venture Partners, L’Occitane, Mankekar Family Office, and Tano Capital LLC.
MyGlamm Beauty Products, which started in October 2017, operates on a hybrid online-offline model. The “digital first” company derives nearly 60 per cent of sales from online (MyGlamm website) and rest from the offline mode.
“In offline, we have 4,000 points of sales in across 50 cities in India. We believe that in order to build a brand at true scale in India, being omni-channel is a must,” he said.
MyGlamm recently also launched beauty experiential store in Mumbai.
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