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MyGlamm secures $6 mn funding
MUMBAI: MyGlamm, India’s leading beauty services vertical, has raised $6 million from global beauty giant L’OCCITANE International S.A., US-based PE fund Tano Capital and Brand Capital from the Times of India Group.
The deal with Brand Capital is in documentation stage, the company clarified.
MyGlamm is the only company in India in the beauty services space to have completed its Series A raise. And this is the first instance globally of a beauty products major investing in a tech enabled beauty space.
Launched in 2015, MyGlamm is today doing 600 services a day. It is gross margin positive and it intends to have a net profit by the end of this year. Repeats form more than 60% of the business at MyGlamm.
MyGlamm founder Darpan Sanghvi said, “Beauty is the category with the highest margin and highest repeat business in the home services category, making it by far the most exciting category in the home services business. And it is also the category which requires maximum domain expertise and focus – and given our background of running salons and spas globally, we think MyGlamm is best poised to execute this in India.”
MyGlamm was the only tech enabled player in India to invest in creating large training academies and infrastructure. Starting with academies in Mumbai and Pune, MyGlamm is now creating academies across India and will be the first national chain of beauty and hair training academies with a pan India presence. MyGlamm academies will now be an important vertical within the company and will be instrumental in also creating a supply of beauticians and stylists which will be required for growth.
To bring innovation for the consumer, MyGlamm has exclusive partnerships with leading brands such as Novalash USA, HD Brows UK, Margaret Dabbs UK etc to create a service portfolio that no other home services player has and in some instances even brick and mortar Salons dont have. Which has seen it’s order values and repeats grow tremendously.
MyGlamm has a rollout planned in eight more cities in India, along with a launch in the Middle East.