US-listed online retailer Amazon has made its first corporate venturing deal in an India-based consumer company through an investment in direct-to-consumer beauty brand MyGlamm.
Amazon alongside local tech company Wipro and venture capital firm Ascent Capital led the 175 crore rupees ($24.1m) series C round in MyGlamm, which reportedly values the company at more than $100m.
Manish Tiwary, vice-president of Amazon India, said: “We are excited by the innovative products and brand experience that MyGlamm brings to Indian customers in a high-salience category like beauty which is deeply personal to customers.”
In June 2019, MyGlamm collected Rs1.3bn ($18.8m) in a round backed by beauty product manufacturer L’Occitane.
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.
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.
