Beauty brand MyGlamm has raised funding worth Rs 100 crore from Bessemer Venture Partners and the Mankekar family. Existing investor L'Occitane, a beauty and cosmetic brand, also participated in the funding round. The fresh round of funding values the company at Rs 500 crore.
MyGlamm founder Darpan Sanghvi spoke to CNBC-TV18 to discuss the company's expansion plans.
Sanghvi said: "This was our Series B fund raise. We raised Rs 100 crore. It was led by Bessemer Venture Partners. Along with Bessemer we had the Mankekar Family which is one of the most well-known public market investors in India who participated, and L'Occitane the large French beauty conglomerate, who have actually led our Series A and angel rounds, also continued to participate in Series B.
"Between the angel and the Series A we had raised about Rs 90 crore."
Sanghvi added: "At MyGlamm we have three key pillars — one is technology which is very important. All our technology is in-house and proprietary and we continue to enhance that. So one part of the investment will go there.
"The second part of MyGlamm is great European beauty products. So we are going to be expanding our product line significantly, add more collections, add more categories within beauty, part of the capital will go there.
"The third bit is disruptive marketing and brand building, we will see capital getting deployed there as well."