MyGlamm is now The Good Glamm Group; earmarks Rs 750 crore for acquisitions in magnificence, private care section

MyGlamm is now The Good Glamm Group; earmarks Rs 750 crore for acquisitions in beauty, personal care segment

© Devika Singh
MyGlamm is now The Good Glamm Group; earmarks Rs 750 crore for acquisitions in magnificence, private care section

With the formidable mission of changing into the nation’s largest digital client packaged items (CPG) firm, direct-to-consumer model MyGlamm has arrange The Good Glamm Group, consolidating all its companies — MyGlamm, POPxo and BabyChakra — underneath one umbrella. The newly arrange group is now scouting for acquisitions within the magnificence and private care section and has put aside Rs 750 crore for the aim.

“We plan to accumulate four-six manufacturers within the magnificence and private care house earlier than March,” Darpan Sanghvi, group founder and CEO, The Good Glamm Group, informed Moneycontrol.

The corporate has additionally topped up its collection C spherical with an extra Rs 255 crore led by Trifecta Capital. It had raised Rs 175 crore in March after which one other Rs 355 crore in July in a spherical led by Accel as a part of its Collection C funding. Many of the funds raised within the current spherical will go in the direction of buying new manufacturers.

In keeping with Sanghvi, the corporate additionally has plans to go public and is eying an preliminary public providing (IPO) by 2023.

Constructing a ‘digital’ Unilever

MyGlamm began out in 2017 as a direct-to-consumer platform. It went on to accumulate startups comparable to women-centric content material platform POPxo in 2020 and parenting platform BabyChakra final month. The newly shaped group now plans to faucet the assets of those three firms collectively to accumulate and energy the journey of a number of different manufacturers.

“On this journey of constructing the group, we realised that we now have a couple of unbelievable development engines. Now we have entry to 88 million feminine customers by means of POPxo and 20 million moms by means of BabyChakra after which we now have MyGlamm’s experience in constructing merchandise and driving distribution,” mentioned Sanghvi.

“We’re magnificence and private care area consultants and are attempting to construct a digital Unilever,” he added.

In keeping with a report by Avendus Capital launched final yr, magnificence and private care shall be a $30 billion market by 2025, of which digital-first manufacturers may have a $10-15 billion share.

Using on content material

By tapping POPxo’s content material experience, mentioned Sanghvi, The Good Glamm Group now acquires 3,50,000 new customers a month versus 30,000 new prospects a yr in the past. The corporate, he mentioned, can be working out of 30,000 factors of sale and has about 800 inventory retaining items (SKUs).

“By tapping our content-to-commerce technique, we can assist create and likewise speed up the journey of a number of different manufacturers,” mentioned Priyanka Gill, co-founder, The Good Glamm Group.

The founders of the corporate are assured that they’ll replicate this journey for different manufacturers that they carry underneath the group umbrella and enhance income by two-three occasions in a span of months.

Most D2C founders in the present day, added co-founder Naiyya Saggi, are attempting to create belief of their manufacturers by means of content material and group and on this entrance The Good Glamm Group has already constructed a funnel that leads with content material and never transactions.

As a part of its technique, the corporate now plans to accumulate new firms, propel their development and create a conglomerate of digital private care manufacturers.

The corporate is in search of manufacturers in sub-categories comparable to skincare, haircare, hygiene, tub and physique, natural or pure and so forth, with a income of no less than Rs 50-150 crore. It’s already in talks with a number of firms for acquisitions, mentioned Sanghvi.

IPO plans

The Good Glamm Group, the founders mentioned, presently has a income run charge of $100 million (about Rs 740 crore) and is concentrating on $250 million (Rs 1,850 crore) by March.

After constructing its digital home of manufacturers, the corporate will push for an IPO within the subsequent two years. “We hope that we’ll be listed in 2023 as the primary digital CPG firm in India,” mentioned Sanghvi.

The corporate shall be amongst a slew of new-age firms planning to go public after meals aggregator Zomato’s blockbuster itemizing earlier this yr. Coverage Bazaar, Nykaa, Paytm and Delhivery are among the many firms that plan to go public this yr, whereas a number of others, together with Byju’s and Snapdeal, have expressed comparable intentions.

The Good Glamm Group, nonetheless, is the primary D2C firm from the start-up section aiming to go public.