This is the first time Amazon to investing in an Indian consumer brand. MyGlamm started its operation in 2017. The founder of the company is Darpan Sanghvi. The company raised Rs 300 Crore through the sale of shares.
MyGlamm has successfully gain Rs 175 Crore in series C funding.
The company which is performing exceptionally well in the market makes up to the series C funding session.
Earlier Amazon made an investment in BankBazaar and Acko however this is their first investment in an Indian consumer brand.
Amazon represents their support towards the homegrown business which targets to grow in the market using digital commerce.
According to the VP of Amazon, they look forward and are exhilarated by the product range offered by MyGlamm. The beauty sector is the target segment of the company which offers a range of beauty products to its customers.
MyGLamm has its stores widespread in the country covering over 70 cities with 10,000 offline POS. Last year the company took over POPxo. It is now run jointly by both the founders of the company.
The current market valuation of the company amounts to $100 million. Additionally, Ascent Capital and Wipro Consumer have made a huge investment in the company.
According to the company, its plan is to focus on growth through digital platforms. It will increase its online content creation activities with the contribution of POPxo and Plixxo.
Wipro made its investment decision by its keen observation of the company’s performance during the lockdown. Its POPxo acquisition was the driving force of its belief in the growth of the company.
As a result, investors gain confidence in the company to make the investment.
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