Good Glamm : 35th unicorn of 2021

The Good Glamm Group, the content-to-commerce D2C beauty brand, is India’s 35th unicorn (valued at over $1 billion) for 2021, raising $150 million funding in its series-D round co-led by private equity investors Prosus Ventures (Naspers), Warburg Pincus along with participation from Alteria Capital and existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office.

The round includes both primary and secondary sales and values the digital-first FMCG group at around $1.2 billion post-money. One representative each from Naspers and Warburg are also set to join the group’s board with this round. The group earlier in September closed a $100-million (Rs 755-crore) series-C round. This made it the the largest series-C fundraise by any beauty brand in India.

Good Glamm Group founder & CEO Darpan Sanghvi said the company’s unicorn status is a validation for the entire D2C beauty category and the tailwinds it has enjoyed since the pandemic. “While getting to a public listing is an eventual goal, it is at least 2-3 years away for us,” he added, noting that the group was cheering for Nykaa’s IPO and it had potential to be a successful one.

The Good Glamm Group will be utilising its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements while also expanding the content creation capabilities and digital reach of POPxo, Plixxo, BabyChakra and ScoopWhoop. The group said it will also continue to make investments in more beauty and personal care brands.

The group has a current revenue run rate of around $120 million and projects this at $250 million by March as it has set aside a war chest of around $100 million for strategic investments in beauty & personal care brands. It has already made acquisitions and investments worth $270 million to date.

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