In the largest round of funding in the niche till date, on-demand beauty services startup MyGlamm has managed to raise an impressive sum of $6 million, with French beauty products maker L’Occitane leading the round.
As a company founded only around a year ago, the investment is definitely a big plus for MyGlamm. The service takes the form of an app that can be used to order anything from basic grooming — like waxing, threading, manicures and pedicures — to more fancy stuff like bridal makeovers, mehendi, spas and so on.
The company will be using the funds to expand into other cities and perhaps even overseas. Expansion is likely to be the top thing on MyGlamm’s mind at the moment considering that it is currently operational only in Mumbai and Pune.
Speaking on the investment, Founder Darpan Sanghvi said,
This is the first instance globally of a beauty company investing in a tech-enabled startup in the space. The strategic support of L’Occitane in our growth will also be a big differentiator over the competition.
Other investors in the company include Tano Capital and Brand Capital.
Sanghavi’s association with L’Occitane is not really new. Sanghavi brands, another of his companies, has the master franchise of the brand in India, besides several others including Warren Tricomi, Elle Spa & Salons and Holyfield Gyms.
Although it operates in only two cities, MyGlamm has some impressive numbers to show. Company claims peg the number of orders received everyday as around 600. Response to the company and its ability to retain customers seems to be good as well, considering that more than 60 percent of its business comes from repeat customers.
The main forte of the company is the fact that it is operating in a niche which will always have business and operates with the best in class service providers. Going by figures, the industry is estimated to be worth around almost $4 to $5 Bn industry and is expected to grow with a Compound Annual Growth Rate of 20 percent.
Add to that the fact that the company allows doorstep delivery of services, without you having to go out to a saloon or something, and its easy to see why it’s doing so well.
So the $6 million in the kitty is wonderful, but the company is already looking and planning ahead and may be about to raise another $4 million from a Indian consumer internet company, said the founder.
That’s one aggressive approach to beauty!