Content-to-commerce unicorn The Good Glamm Group is in talks to raise $70 million in a Series E round at a flat valuation of $1.2 billion, sources in the know told Moneycontrol.
The fresh funds raised will be utilised as working capital to support the company’s plans of going for an initial public offering (IPO) in mid-2025.
While Moneycontrol could not ascertain the lead investors in this round, sources said that existing investors including Warburg Pincus, Prosus Ventures, and Bessemer Venture Partners among others are expected to participate.
Last week, the company raised a bridge-round of around $25-30 million led by Warburg Pincus and Prosus Ventures, according to regulatory filings sourced from Tofler.
In an interview with Moneycontrol last year, Darpan Sanghvi, Group Founder and CEO had said that The Good Glamm Group was consolidating its acquired businesses and eyeing profitability by FY24.
The Good Glamm Group declined to comment on emailed queries sent by Moneycontrol.
The startup became a unicorn in 2021 at a valuation of $1.2 billion, after raising $150 million in its Series D round co-led by Prosus Ventures (Naspers), Warburg Pincus. The round also saw participation from Alteria Capital and existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office.
It has so far acquired around 12 brands across its four verticals, including product and content companies.
In terms of its business structure, The Good Glamm Group has four verticals: The Good Brand Co, including all its beauty product brands like BabyChakra, St Botanica, and MyGlamm; The Good Media Co, involving media platforms like ScoopWhoop, POPxo, MissMalini, Tweak India; The Good Creator Co, which is about social media and influencer platforms, wherein the company has acquired video commerce platform Bulbul; and The Good Community, a community built around its various brands and needs of members.
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