Photo Credit: Gracini Studios from Pixabay

According to a recent report, India’s beauty and personal care (BPC) market is estimated at $25.9 billion in 2020. It is projected to grow 8% annually to reach $32.7 billion by 2023. While traditional retailers continue to serve the market, there is a growing presence of e-commerce players as well. One such player is Good Glamm that recently joined the Unicorn club.
 

Good Glamm’s Offerings

Founded in 2015 by Darpan Sanghvi and Priyanka Gill, Mumbai-based Good Glamm is best known for its brand MyGlamm, which is a direct-to-consumer (D2C) beauty brand that offers an online beauty product marketplace with international spa and salon products. The company uses a combination of technology, content, and social media to provide customers with the ability to discover products in addition to creating rich, personalized content and tutorials.

Good Glamm has had an interesting growth story so far. In 2013, Priyanka set up POPxo on her own to build a digital media platform for women in India. At that time, it got a lot of followers through Facebook and was able to leverage its newsfeed to create great content at scale. It leveraged Facebook to build an influencer-driven brand and began monetization efforts by venturing into e-commerce through its private-label merchandise. But the pandemic hurt the business. It was during these troubling times that Priyanka met Darpan who had separately established MrGlamm, saw the potential in POPxo, and decided to join hands to create Good Glamm.

Today Good Glamm sells the majority of its products from its own website, app, and over 30,000 retail touch points, and is planning to expand that to over 100,000 touch points in the coming years. Nearly 25% of Good Glamm’s revenues come from its offline POS. Its ability to scale both its online and offline presence has helped it grow more than 8 times. The company caters to tier-2, tier-3, and the tier-4 market as well, and sees nearly 60% of its customer base in these cities. It continues to grow in these markets through both organic and inorganic growth.

Recently, the company announced its acquisition of multi-platform content provider MissMalini Entertainment. Miss Malini Entertainment is known for its original content and marketing platform, MissMalini Media; women community network Girl Tribe; celebrity and talent management platform Ignite Edge; as well as a creative agency and video production house Agent M Creative and MM Studios. The terms of the deal were not disclosed.

The acquisition will allow Good Glamm to enhance its content commerce strategy and cross-sell its D2C product portfolio including cosmetics brand MyGlamm, premium mom-and-baby brand MomsCo, baby products brand Baby Chakra, and personal care brand St. Botanica to Miss Malini’s user base. MissMalini Entertainment’s user base is estimated at 60 million monthly users. Prior to the acquisition, MissMalini Entertainment raised $1.5 million in two rounds of funding led by New Enterprise Associates, Orios Venture Partners, Rajan Anandan, and Steven Lurie. Its most recent round was held in August 2018 where it raised INR104 million (~$1.5 million).

Good Glamm competes with the retailers who are already using Amazon and Flipkart marketplace for their D2C products and several other players like SUGAR Cosmetics, Purplle, WoW Skin, MamaEarth, and Nykaa.
 

Good Glamm’s Financials

In September of 2021, the brand reported a revenue run rate of $100 million and reported a target of $250 million for the year ended March 2022. The company claims to already be at EBITDA break-even levels and plans to expand internationally as well.

MyGlamm has raised $311.9 million in 12 rounds of funding led by Ascent Capital, Bessemer Venture Partners, Amazon, Mankekar Family Office, Prosus Ventures, Warburg Pincus, L’Occitane en Provence, Alteria Capital, Trifecta Capital Advisors, and Stride Ventures. Its most recent round was held in November 2021 where it raised $150 million at a valuation of $1.2 billion, growing significantly from $310 million. The company plans to go public in the next couple of years.