With Series D funding, the Good Glamm Group now has a valuation of $1.2 billion and the venture claims it is India’s first DTC beauty and personal care company to reach unicorn status.
Content-to-commerce conglomerate Good Glamm Group on Tuesday announced it has raised $150 million in funding in its Series D round, including both primary and secondary sales.
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Co-led by marquee tech and private equity investors Prosus Ventures (Naspers) and Warburg Pincus, Alteria Capital and existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office also participated in the funding round.
With this fundraise, the Good Glamm Group now has a valuation of $1.2 billion and the venture claims it is India’s first DTC beauty and personal care company to reach unicorn status.
Darpan Sanghvi, group founder and CEO, Good Glamm Group said, “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.”
The company will utilise the fund to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements while also expanding the content creation capabilities and digital reach of POPxo, Plixxo, BabyChakra and ScoopWhoop.
The group will continue to make investments in more beauty and personal care brands.
Speaking about the investment, Vishal Mahadevia, managing director and India head at Warburg Pincus, said, “We are delighted to back Darpan and the entire team at the Good Glam Group. With a strong portfolio of D2C brands and proprietary content assets, the group is well positioned to scale rapidly and create a large digital-first business in the beauty and personal care space.”
The head of investments, India, Prosus Ventures Ashutosh Sharma said, this is the first company’s investment in the DTC category.
Established in September 2021, the Good Glamm Group comprises a portfolio of proprietary beauty and personal care brands that are powered by a proprietary digital ecosystem of content, community and creator assets.
Beauty and personal care brands owned by the Good Glamm Group include MyGlamm (cosmetics brand), MomsCo (premium mom and baby brand), POPxo (brand of cosmetics for tweens) and Baby Chakra (baby products brand co-created with mothers). These brands leverage the group’s proprietary digital assets, which comprise POPxo (female content platform with 88 million users), ScoopWhoop (male content platform with 100 million users), BabyChakra (parenting platform with 20 million mothers and a network of 10,000 doctors) and Plixxo (creator and influencer management platform with 220,000 influencers onboarded).
Co-founder Priyanka Gill said being part of Good Glamm Group is a dream opportunity and a privilege as it becomes India’s largest DTC beauty and personal care company. “Now with Prosus Ventures and Warburg Pincus as our investors and partners, we are perfectly positioned to scale even faster and fulfill our mission,” she said.
The firm’s digital reach, combined with 30,000+ offline retail points of sale of the group’s flagship beauty brand MyGlamm, gives all the brands under the Good Glamm Group an unprecedented opportunity to scale both online and offline, further amplified by the deep expertise in DTC growth, new product development and technology & data science. The Good Glamm Group has already made acquisitions and investments worth $270 million to date.
The consumer’s needs are at the heart of all the work at the Good Glamm Group, and it is a privilege to build with Prosus Ventures and Warburg who are strong, mission aligned partners, co-founder Naiyya Saggi said.
According to Saggi, the partnership demonstrates conviction in the group's vision to bring under one roof, trusted brands, passionate founders and teams driven to ensure the best care across consumers’ lifecycle.
Prosus Ventures says the ‘Good’ in the Good Glamm Group underscores its commitment to inclusive beauty and cruelty-free, vegan and environment-friendly clean beauty products. With its content-to-commerce approach to democratise access to beauty products and advice and a vision to become the ‘Global Digital first FMCG Conglomerate of the Future’, the Good Glamm Group has created a portfolio of products that range from make-up, skincare, hair care, personal care, hygiene to baby-care.
Bollywood actor Shraddha Kapoor invested in the Good Glamm Group earlier this year and also became the brand ambassador for MyGlamm beauty products.
(Edited by : Kanishka Sarkar)