On-demand beauty services startup, MyGlamm has today announced that it has managed to raise an impressive sum of $5.3 million (approx ₹35 crores), with French beauty products maker L’Occitane leading the bridge round. This fundraising round will finance the current capital requirements for the product launch of MyGlamm. It will bootstrap the venture until its nabs at least ₹200 crore from investors for a global expansion.
The investments will be further employed for expansion of its services in the country before it plans to kick start its global operations. Adding to that, MyGlamm’s chief executive Darpan Sanghvi said,
Our vision is to go global and we need a large round of $30-40 million for that, so we just needed a sort of springboard right now to get to that.
Its services are provided through a mobile app that can be used to order anything from basic grooming services, like waxing, threading, manicures and pedicures to more fancy stuff like bridal makeovers, mehendi, spas and so on. Sanghavi’s association with L’Occitane is not really new. Sanghavi Brands, another one of his ventures, has the master franchise of the brand in India, besides several others including Warren Tricomi, Elle Spa & Salons, and Holyfield Gyms.
L’Occitane also participated in the last investment round for the company, which brought in a capital of about $6 million. The total investments for L’Occitane now account to ₹50 crore including the investments in April. Other backers for MyGlamm include Tano Capital and Brand Capital. It has been in business for past one and half years and anticipates a fresh funding round by the middle of next year.
The bridge-financing has raised the valuation of the company somewhere between ₹310 crore-₹720 crore; though the exact worth will be painted only post the Rs.200 crore investment round. The product launch includes the introduction of about 100 makeup products in India by July. It proposes to take its operations global by the end of this year with the Middle East as the prime market.
Apart from its overseas plans, five MyGlamm brick-and-mortar stores will be set up in New Delhi and Mumbai. It also intends to bring in a beauty education certified course for customers in addition to already offered training to the artists.