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Direct-to-consumer (D2C) beauty brand MyGlamm has closed its Series C funding at 530 crore, raising an additional 355 crore in a round led by venture capital firm Accel.

The round also saw participation from existing investors, including Bessemer Venture Partners, L’Occitane, Ascent, Amazon, the Mankekar family, Trifecta and Strides Ventures.

MyGlamm’s valuation is expected to cross 2,000 crore following this funding round.

“We believe that the time is ripe for building our digital-first consumer packaged goods brands with a deep focus on content-to-commerce. Covid has only cemented this belief. The unique combination of content coupled with a compelling product line gave us the conviction to lead this round in MyGlamm," said Anand Daniel, partner, Accel.

MyGlamm had opened its Series C in March with a 175 crore investment from Ascent Capital, Amazon and Wipro.

“Accel’s track record on what it takes to build a consumer internet business in India is something that we look forward to tapping into. When we came together, our target was to achieve 400 crore in revenue by December 2021. In March, when we started the Series C, we upped that number to 600 crore and now our target is to touch 750 crore," said Darpan Sanghvi, founder and CEO, MyGlamm.

MyGlamm, which was founded in 2017, offers a range of more than 800 cruelty-free and vegan products.

Sreedhar Prasad, internet business expert and former partner at KPMG said that investors and startups are betting on the consumer mindset change to spend money on oneself. They are open to try new brands and this trend has become stronger post pandemic.

“Investors are getting this feeling that this is a 100-300 million strong users market who are actively spending money today on e-commerce platforms. There aren't many large D2C platforms, and this is a huge opportunity for these digital brands to capture this transacting consumer base. High engagement platforms, content based commerce platforms in beauty, personal care and personal health will rock in the coming days in India," he added.

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