DELHI/MUMBAI : Good Glamm Group, a content-to-commerce platform, plans to raise about $150 million at a valuation of more than $2 billion, said two people familiar with the matter.
The group, which has been on an acquisition spree, has hired Avendus Capital to look for potential investors, the people said, requesting anonymity.
They said the group could engage in early investment talks, mainly with global private equity funds, for fundraising.
Spokespeople for Good Glamm and Avendus declined to comment.
Good Glamm, previously known as MyGlamm, became a unicorn last November after it raised $150 million in a Series D funding round co-led by private equity firms Prosus Ventures and Warburg Pincus. The deal valued the firm at $1.2 billion. Unicorns are privately-held startups that are valued at $1 billion or more.
Good Glamm was founded in 2017 by Darpan Sanghvi and Priyanka Gill. The company claims to be India’s fastest-growing direct-to-consumer beauty brand, with a range of more than 800 cruelty-free and vegan products across categories such as makeup, skincare, and personal care. It also has more than 30,000 offline points of sale in 70 cities across India.
Sanghvi Beauty and Technologies formed the Good Glamm Group in September, under which it has consolidated its various businesses in a bid to strengthen its position as a ‘digital house of brands’ powered by a content-to-commerce strategy.
The group has of late been on an acquisition spree. On Sunday, it announced the purchase of a majority stake in Delhi-based personal care brand Organic Harvest for an undisclosed amount.
In December, the group invested ₹100 crore in Sirona, a startup that deals in feminine hygiene products. The same month, VCCircle reported that Good Glamm plans to invest in male grooming brand Ustraa.
Earlier in January, the platform added influencer marketing platform Winkl and content and creator analytics startup Vidooly to its broader beauty and personal care portfolio.
It also unveiled a new platform named The Good Creator Co. (GCC) to consolidate its existing and acquired businesses focused on content creation and influencer marketing categories.
Besides Winkl and Vidooly, the GCC was joined by MissMalini, a leading celebrity and macro-influencer talent management and creative agency, and Plixxo.
St. Botanica and Oriental Botanics, two cosmetics firms, were purchased by the group last November. ScoopWhoop Media Pvt. Ltd, a digital media and lifestyle content platform backed by Kalaari Capital, was bought by the business in October. The same month, it purchased baby-care goods firm The Moms Co. for an undisclosed amount.
Good Glamm also owns POPxo, a tweens’ focused cosmetics brand, and Baby Chakra, in addition to MyGlamm, a cosmetics brand.
