 "Home beauty service provider MyGlamm raises $6 million")
MyGlamm, a beauty services vertical, today announced it has raised $6 million from global beauty chain — L'Occitane International S.A., US based PE fund Tano Capital and Brand Capital from the Times of India Group. The deal with Brand Capital is in documentation stage.
MyGlamm claims it is the only company in India in the beauty services space to have completed its Series A raise and this is the first instance globally of a beauty products major investing in a tech enabled beauty space.
Launched in 2015, MyGlamm is today doing 600 services a day. It is gross margin positive and it intends to have a net profit by the end of this year.
The money will support MyGlamm's expansion across India and also in overseas. Company plans lined up rollout planned in eight more cities in India along with a launch in the Middle East.
"The strategic support of L'Occitane in MyGlamm's growth will also be a big differentiator over the competition," said Darpan Sanghvi, Founder of MyGlamm.
He added, beauty is the category with the highest margin and highest repeat business in the home services category.
More From This Section
Starting with academies in Mumbai and Pune, MyGlamm is now planning to set up academies across India and will be the first national chain of beauty and hair training academies with a pan India presence.
To bring innovation for the consumer, MyGlamm has exclusive partnerships with leading brands such as Novalash USA, HD Brows UK, Margaret Dabbs UK etc.