Good Glamm to raise $250 mn, eyes $2 bn valuation

Deborshi Chaki & Swaraj Singh Dhanjal

MUMBAI: Good Glamm Group, previously known as Myglamm, is in talks with new and existing investors to raise as much as $250 million at a valuation of nearly $2 billion, two people aware of the development said.

Good Glamm became a unicorn, a startup valued at at least $1 billion, when it raised $150 million in a Series D funding round in November. The deal, co-led by private equity firms Prosus Ventures and Warburg Pincus, valued the group at $1.2 billion.

“Good Glamm is in talks with private equity investors and other late-stage technology investors to raise between $200 million and $250 million. Existing investors who came in the previous rounds are also expected to participate in the new round,” one of the two people cited above said on condition of anonymity.

“The company has grown through acquisitions of multiple brands across categories, and the latest fundraising will go prominently towards the same purpose. With the current slowdown in the tech sector, there will be interesting opportunities to pick up emerging brands and companies in the same or adjacent sectors that Good Glamm operates in or in new categories, which are struggling to raise funds,” he added. A spokesperson for Good Glamm Group declined to comment on Mint’s queries.

Good Glamm Group is a digital-first house of brands comprising innovative and fastgrowing beauty and personal care brands, founded by Darpan Sanghvi and co-founded by Priyanka Gill and Naiyya Saggi.

Good Glamm’s recent acquisitions include the purchase of a majority stake in Delhi-based personal care brand Organic Harvest in January. In the same month, it added influencer marketing platform Winkl and content and creator analytics startup Vidooly to its portfolio.

Earlier this month, The Economic Times reported that Good Glamm was in talks to acquire Raymond group’s consumer care products business in a cash-and-stock deal for around ₹2,500-2,800 crore. In December, the group invested ₹100 crore in Sirona, a startup which sells feminine hygiene products. The same month, Vccircle reported that Good Glamm plans to invest in the male grooming brand Ustraa.