MyGlamm, an India-based online beauty brand marketplace backed by corporates Wipro, Amazon, L’Occitane and Times Group, has added $34.4m of debt and equity financing to a series C round that now totals $106m.
Venture debt firm Trifecta Capital supplied $13.5m of equity and $10.1m of debt through the round, while venture capital firm Stride Ventures contributed $10.8m of debt financing.
Accel had led a $47.6m tranche of the round in July this year that included IT services firm Wipro, Bessemer Venture Partners (BVP), Stride Ventures and Trifecta Capital, reportedly at a $300m post-money valuation.
The company had already held a $24m first close of the round in March 2021 that was co-led by Wipro, e-commerce group Amazon and Ascent Capital.
MyGlamm operates an e-commerce platform that offers a variety of makeup, skincare and haircare products. The company also runs 30,000 offline locations across India and serves 350,000 new customers each month.
Darpan Sanghvi, co-founder of MyGlamm, said the new funding will be used to make four to six acquisitions across categories including bath, skin and hair products over the next 90 to 180 days. It is also planning to float on a public market by the end of 2023, he added.
BVP led an $18.8m round for the company in 2018 featuring beauty product provider L’Occitane and family office Mankekar, with Tano Capital selling $4.4m worth of shares through a secondary transaction.
L’Occitane had provided $5.4m in bridge funding for the company the year before, after leading a $6m round in 2016 that was also backed by Tano Capital and Brand Capital, a subsidiary of media company Bennett Coleman & Co.