MyGlamm, the India-based operator of an on-demand beauty services platform, has raised $6m in a funding round led by beauty product manufacturer L’Occitane, the Economic Times has reported.
France-based L’Occitane was joined in the round by Brand Capital, the advertising-for-equity arm of media company Times Group, which is also ET’s publisher, and alternative asset management firm Tano Capital.
MyGlamm operates as a marketplace for stylists, beauticians, nail salon technicians and spa services. It claims to be responsible for 600 beauty appointments in the cities of Mumbai and Pune each day.
Darphan Sanghvi, MyGlamm’s founder and CEO, 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.”
MyGlamm has also initiated talks with an undisclosed India-based consumer media company over a further $4m investment, Sanghvi told ET.