Internet group Prosus co-led a $150m series D round for Good Glamm Group, the parent company of India-based online beauty marketplace MyGlamm, on Wednesday through its Prosus Ventures vehicle.
The round was co-led by Warburg Pincus and included e-commerce group Amazon, skincare brand L’Occitane, Bessemer Venture Partners (BVP), Ascent Capital, Stride Ventures, the Mankekar Family Office and Alteria Capital.
MyGlamm is an e-commerce platform for beauty, skincare and cosmetic products. The round valued it at $1.2bn and the proceeds will support product development and the expansion of its data science and technology research capabilities, as well as strategic investments in beauty brands.
The funding followed a $106m series C round closed in September this year with $34.4m in equity and debt financing from Trifecta Capital and Stride Ventures.
Amazon led the round’s $24.1m first close in March this year, investing alongside IT services firm Wipro and Ascent Capital, before Accel led a $47.6m second tranche in July that included BVP, Stride Ventures and Trifecta Capital.
BVP had previously led an $18.8m round for the company in mid-2019 that also featured L’Occitane, Menkaker Family Office at a valuation of $72m. It followed $11.4m across two rounds from L’Occitane and Brand Capital, the ad-for-equity subsidiary of media group Bennett Coleman & Co, as well as Tano Capital.
Naiyya Saggi, co-founder of Good Glamm Group said: “The consumer’s needs are at the heart of all the work we do at the Good Glamm Group, and it is a privilege to build with Prosus and Warburg Pincus.
“This partnership demonstrates conviction in the Good Glamm Group’s vision to bring under one roof trusted brands, passionate founders and teams driven to ensure the best care across our consumers’ lifecycle.”
