On-demand beauty services provider MyGlamm has raised Rs. 35 crore from French cosmetic giant L'Occitane to expand its offerings in India ahead of beginning operations overseas.This fundraise is a so-called bridge round to finance the launch of new products before MyGlamm can mop up at least Rs.200 crore from investors for a global expansion.
“Our vision is to go global and we need a large round of $30-40 million for that, so we just needed a sort of springboard right now to get to that," said chief executive Darpan Sanghvi.
The bridge-financing would peg MyGlamm's valuation at Rs.310 crore-Rs.720 crore, Sanghvi said, adding, however, that the 1.5-yearold firm's exact worth will be arrived at when then Rs.200 crore is tire raised, likely by the middle of next year.
MyGlamm, seeking to establish itself as a fullstack beauty business, is preparing to introduce about 100 makeup products in India by July and take its operations global by the end of this year, with the Middle East being the first stop.
It will also introduce beauty education for customers as a certification service, in addition to the training for artists that it already offers. Sanghvi is also preparing to launch five stores in Mumbai and New Delhi this year.
MyGlamm has now raised about Rs.50 crore from L'Occitane, which led an overall Rs.26-crore ($4 million) investment in the company in April last year. US-based pri vate equity firm Tano Capital also invested in the company in that round, which valued MyGlamm at about Rs.120 crore.
Sanghvi said he is confident of ending 2016-17 with Rs. 20 crore in revenue.
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