Beauty brand MyGlamm acquires POPxo1 min read . Updated: 07 Aug 2020, 09:12 AM IST
- Priyanka Gill, founder and CEO, POPxo will join the board of MyGlamm and will be designated as the co-founder
- Post the acquisition, POPxo will retain its brand and continue to create women-centric content across platforms
NEW DELHI : Beauty products retailer MyGlamm has acquired women-centric digital platform POPxo, to expand into the online content space.
Post acquisition, POPxo's existing investors—Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital will join MyGlamm’s existing investors that inlcude Bessemer Venture Partners, L'Occitane, Mankekar Family Office, and Tano Capital LLC.
Priyanka Gill, founder and CEO, POPxo will join the board of MyGlamm and will be designated as the co-founder.
Post acquisition, POPxo will retain its brand and continue to create women-centric content across platforms.
The acquisition will help MyGlamm and POPxo co-create, launch and market products in the beauty and lifestyle category, the two companies said in a statement to the press.
“Together (MyGlamm and POPxo) represent a community of over 50 million women, have produced and sold millions of beauty products across makeup, skincare, and personal care and have over 45,000 influencers on their platforms," the statement added.
Founded in 2017, MyGlamm sells a range of MyGlamm-branded beauty and make-up products such as body lotions, eye shadows, sheet masks, and lip colors. It retails the products both online and offline with over 2,000 point of sales across 50 cities in the country.
In 2019, MyGlamm raised ₹100 crore in a round led by Bessemer Venture Partners, valuing the company then at ₹500 crore.
The beauty and cosmetics market in India has seen a boom in recent years, as exposure to social media trends, affluence among India's young and accessibility to new-age brands has helped expand demand for both local and foreign brands.
At the same time, beauty-centric content on social media platforms, such as Instagram, and video-sharing platform—YouTube has seen a surge with trending tutorials by beauty influencers and make-up artists.
“With this acquisition, MyGlamm will further be able to connect with the millennial women, reach uncharted geographies, and work with POPxo in identifying emerging consumer needs & consumption patterns to co-create tomorrow’s beauty trends," Darpan Sanghvi, Founder and CEO, MyGlamm said. Currently, POPxo has over 43 million monthly active users across all platforms.