MyGlamm to acquire 6 beauty and personal care brands under new entity “The Good Glamm Group” For $100 million

MyGlamm, a Direct to consumer (D2C) brand has gained popularity for its beauty products and set its foot well in the beauty market, offering fabulous products for all the sections of the society from high-end to budget-friendly range. MyGlamm has announced the acquisition of 4 to 6 brands in its purview within 5 to 6 months i.e by march 2022.

Key Takeaways from this acquisition:

•     “The Good Glamm Group” will be the parent entity to 6 beauty and personal care brands.
•     $100 Million set aside for the formation of the new entity. The debt and equity raised a fund of around $34 million for the company.
•     The companies will keep on functioning individually even after the acquisition but will be provided the access to other resources to grow and prosper individually.
•     The trio all set to acquire Darpan Sanghvi (MyGlamm) joining hands with Prikanka Gill (POPxo) and Naiyya Saggi (BabyChakra), co-founders of The Good Glamm Group.
•     By March 2022 the acquisition is expected to be accomplished by the new entity.

 

MyGlamm, established in 2015 as a company offering beauty services to its client, but the founder and co-founder, Darpan Sanghvi and Priyanka Gill decided to launch it as a beauty brand offering cruelty-free beauty products to its customers, further expanding to an acquisition that is more like an alliance with the name, “The Good Glamm Group”.

Darpan Sanghvi (MyGlamm) after joining hands with Prikanka Gill (POPxo) and Naiyya Saggi (BabyChakra), the trio decided to expand to a few more beauty brands, by giving them the platform to grow while increasing their stake of ownership. The company has its headquarters in Mumbai, India. Currently the brand ambassador of MyGlam Group is Shraddha Kapoor, a well known actress and celebrity.

Sources of $100 million fund

The fund of $34.5 million (Rs. 255 crore), Rs. 100 Cr. from equity by Trifecta Leaders and Rs. 155 Cr. From Stride Ventures out of $100 million has been raised. The parent entity Good Glamm Group has also had its sources of funds in the acquisitions by reputed brands like Accel, Amazon, L’Occitane, Chiratae and others.

In a conversation with Business Insider India, the MyGlamm founder, Darpan Sanghvi said that he is looking for Indian brands that at least have a revenue of Rs. 50 crores to Rs. 200 crores.

Earlier Acquisitions

Before this giant acquisition as Good Glamm Group, there are already some of the partnerships that have made all of them scale new heights of prosperity like never before. In September 2020 the MyGlamm also acquired POPxo,or Plixxo founded by Priyanka Gill which was an e-commerce platform basically a digital media popular on Youtube. After that, it acquired BabyChakra in August 2021, founded by Naiyya Saggi, an online parenting start up to fulfil the needs of kids in the new era. Both the founders have stated that they have been exposed to great opportunities individually as well as an alliance after being acquired by MyGlamm.