2223
/ 1
Min Read
MyGlamm, an on-demand beauty services provider, has raised Rs 35 crore springboard from French cosmetic giant L'Occitane. The company will use this fundraise to expand its business.
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.
Darpan Sanghvi, Chief Executive, MyGlamm, said, "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.”
Sanghvi said, "The bridge-financing would peg MyGlamm's valuation at Rs 310 crore-Rs 720 crore. However, the 1.5-year-old firm's exact worth will be arrived at when the entire Rs 200 crore is raised, likely by the middle of next year."
MyGlamm seeks to establish itself as a full stack beauty business. It is planning to introduce about 100 makeup products in India by July.
The company also plans to begin operations overseas by the end of this year, with the Middle East being the first stop.
In addition to providing training to artists, it will also introduce beauty education for customers as a certification service.
Sanghvi is also preparing to launch five stores in Mumbai and New Delhi this year.
The company expects ending 2016-17 with Rs 20 crore in revenue.
