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MyGlamm gets additional Rs 355 crore in funding led by Accel
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The company is now valued at Rs 2,000 crore, almost three times more than its previous valuation of $100 million (Rs 745 crore), said people aware of the matter.
ETtech
Illustration: Rahul Awasthi
MyGlamm, an omnichannel direct-to-consumer beauty brand, has raised an additional Rs 355 crore in series C funding led by Accel, taking the total funds raised in the round to Rs 530 crore, making it the highest amount raised by a beauty brand in a series C round in India.
The company, which had
raised Rs 175 crore in March when the round opened, is now valued at Rs 2,000 crore, almost three times more than its previous valuation of $100 million (Rs 745 crore), said people aware of the matter.
Amazon-Backed MyGlamm Closes Series C Funding Round At $71 Mn inc42.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inc42.com Daily Mail and Mail on Sunday newspapers.
Demand has picked up across categories, not only within health and hygiene, but also discretionary and non-essential products in general trade, supermarkets, standalone modern trade outlets and ecommerce. Companies have reported an overall demand increase of over 15% in the first two weeks of June from the month earlier.
In this round-up of financial results, M&As and funding drives in the cosmetics industry, we highlight news of Kao’s travel retail expansion, Liht Organic’s royal partnership, MyGlamm’s Series C funding and more.
1 – Full-scale expansion: Why Kao is pinning its hopes on travel retail in China despite global tourism woes
Kao has unveiled plans for a full-scale entry into China’s travel retail space – at both airports and downtown stores – on the back of booming offshore duty-free sales in the past year thanks to government efforts to boost domestic tourism.
Unsurprisingly, its first foray will be via Hainan Island, where the government last year increased the duty-free allowance for domestic travellers to 100,000RMB (US$15,000), up from 30,000RMB.