India-based beauty services marketplace MyGlamm has received Rs 3.55bn ($47.6m) from investors including IT services firm Wipro, to take its series C round to $71m, Financial Express reported on Tuesday.
The tranche was led by venture capital firm Accel and backed by Bessemer Venture Partners (BVP), Strides Ventures and Trifecta Capital. It valued the company at about $300m post-money, people familiar with the matter told FE.
The extra funding came after a $24m first close for the round in March this year co-led by Wipro, e-commerce and cloud services group Amazon and Ascent Capital at a $100m valuation.
Founded in 2015, MyGlamm runs an e-commerce platform that lists cosmetic products and on-demand beauty treatments covering hair, beauty, nail and spa services. It also operates more than 10,000 physical stores across 70 cities in its home country.
The company had closed an $18.8m round in mid-2019 led by BVP and backed by beauty product provider L’Occitane and the Mankekar family office valuing it at $72m. The deal included a secondary transaction involving Tano Capital selling $4.4m of its shares.
L’Occitane had already supplied $5.4m in bridge funding for MyGlamm in 2017, having first led a $6m round in 2016 that counted contributions from media group Times Group’s Brand Capital unit and Tano Capital.
