The consolidation will help the company to focus on structural synergies and will also drive 'cross-division revenue synergies,' The Good Glamm Group said. The consolidation is a move towards integrating its 11 acquisitions, the company said.
Nykaa's public market debut is only the beginning of the beauty and skin care sector boom in India. With focus on clean beauty, personalization and robust expansion plans, homegrown brands have big plans.
"Today D2C beauty brands like us are growing and have this amazing opportunity because of all the hard work that Nykaa did over the last 5-7 years ensuring that consumers buy beauty online," says Sanghvi.
The direct-to-consumer brand MyGlamm had introduced The Good Glamm Group last week and announced its plans to acquire six brands in the beauty and personal care space before March.
MyGlamm, which has raised an additional Rs 255 crore as part of its Series C round, is targeting revenue of over Rs 1,800 crore by the end of FY22. It also plans to launch an IPO by 2023.
Currently, MyGlamm has around 800 SKUs across makeup, skincare, personal care.
MyGlamm had started its series C funding in March this year with a Rs 175 crore investment from Ascent Capital, Amazon, and Wipro.
After closing a Rs 175 crore Series-C funding round with investments from Ascent Capital, Amazon and Wipro Consumer, MyGlamm has actor Shraddha Kapoor as an investor. MyGlamm plans to use the new funding to expand its product portfolio and to open more online and offline stores.
Founded in 2017 by Darpan Sanghvi, MyGlamm has raised Rs 300 crore in equity financing, including the latest round.
On demand beauty services startup MyGlamm has raised USD 6 million (about Rs 40 crore) from global beauty giant- L'Occitane International, US-based PE fund Tano Capital and Brand Capital.