Beauty product vendor MyGlamm has bought PopXo, an India-based social media platform backed by corporates Doosan, Gree, Oppo and Summit Media, for an undisclosed amount, the Economic Times has reported.
PopXo operates an online portal where members can access and share content on lifestyle, gastronomy and cosmetics. The company had raised more than $10m and will provide MyGlamm with its network and client database to help cut customer acquisition costs and develop new products.
Electronics manufacturer Oppo joined Neoplux Technology Fund, which is sponsored by conglomerate Doosan, to co-lead a $5.5m round for PopXo in 2018 that included media companies Summit Media, Gree subsidiary Strive (then Gree Ventures), Chiratae Ventures (then IDG Ventures India) and Kalaari Capital.
PopXo was included in the Southeast Asia and Australasia-focused batch of consumer goods conglomerate Unilever’s Unilever Foundry scheme in October 2017.
IDG Ventures India and Kalaari Capital co-led a $3.1m round six months earlier, investing alongside Gree Ventures, Summit Media, Gurpreet Singh and Atul Goel.
The company had secured $2.7m in a March 2017 series B round featuring Gree Ventures and existing investors IDG Ventures India and Kalaari Capital. Its earlier backers include 500 Startups and Chennai Angels.
