The Indian beauty brand, MyGlamm has obtained INR 100 crore in a round of funding. The funding round was led by US-based VC firm, Bessemer Venture Partners and Mankekar family office, as per the media reports.
LOccitane International SA, which is an existing investor in the firm, partook in the funding round.
Tano Capital, one of the investors of MyGlamm, has exited as a part of the transaction. The investor is individually receiving INR 30 crore, three times return on its investment, as reported by the daily news, The Times of India.
MyGlamm was established in 2015 by Darpan Sanhgvi. The brand is originally administered by
Sanghvi Technologies. Earlier on, the company rendered on-demand beauty services to consumers but later, it changed its course by creating an array of beauty products in 2017.
In 2016, MyGlamm had obtained $6 million funds in Series A funding from investors namely, LOccitane International, Brand Capital and Tano Capital. Sanghvi Brands, which is a sister company of MyGlamm, is essentially a franchise of LOccitane Spa in India. In 2014, Tano capital made an offering of INR 62 crore in MyGlams sister company.