Bengaluru, NFAPost : MyGlamm, beauty and makeup products brand founded by Darpan Sanghvi, raised Rs 100 led by Bessemer Venture Partners (BVP).
The company sells products including lipstick, eyeshadow and makeup kits, on its website, as well as by partners with offline retail stores such as Lifestyle and Shoppers Stop.
As per Paper.vc reports, besides French cosmetics company L’Occitane, MyGlamm also raised funds from Tano Capital. L’Occitane and Tano Capital invested Rs 35 crore in 2017 and $6 million in 2016 respectively.
MyGlamm currently sells products on its website and joined hands with leading retail stores like Lifestyle and Shoppers Stop
According to some analysts, the company’s valuation has crossed ₹500 crore.
- MyGlamm is also the first investment from Bessemer’s in the current year. It comes after its investment in medicine distribution startbacked online medicine delivery startup PharmEasy in a $30 million startup last March.
The US-based marquee investor is also known for its Indian bets on unicorns such as Swiggy and Bigbasket.
Besides food delivery app Swiggy and hyperlocal grocery delivery platform Bigbasket, BVP’s other global portfolio companies includes Microsoft owned professional social media platform LinkedIn, Pinterest and Yelp.com.
The company is investing from its global investment fund of around $2 billion, which it raised last year.
Its India head, Vishal Gupta, had said that while it doesn’t have a specific India allocation, it typically invests 30% in overseas jurisdiction, especially Israel and India.