India-based on-demand beauty services provider MyGlamm has collected Rs1.3bn ($18.8m) in a funding round backed by beauty product manufacturer L’Occitane, the Times of India reported today.
Venture capital firm Bessemer Venture Partners led the round, which was filled out by the Mankekar family office and valued the company at $72m.
The round included a secondary stake purchase from Tano Capital, which sold $4.4m worth of shares, according to Inc42.
MyGlamm provides an online platform that sells cosmetic products, as well as a marketplace that is used by customers to book appointments with stylists, nail salon technicians and beauticians for on-demand hair, beauty, nail and spa services.
The money will be used to fund an international expansion, with plans to launch in the Middle East and Southeast Asia this year. Vishal Gupta, managing director at Bessemer, has joined the company’s board of directors in conjunction with the round.
L’Occitane previously provided $5.4m of bridge financing 2017. The corporate initially led MyGlamm’s $6m funding round in 2016, investing alongside Brand Capital, an investment subsidiary of media company Times Group, and Tano Capital.