The Good Glamm Group, South Asia’s largest content-to-commerce conglomerate, has raised $150 million funding in its Collection D spherical, together with each major and secondary gross sales, co-led by marquee tech and personal fairness traders Prosus Ventures (Naspers), Warburg Pincus. There was participation from Alteria Capital and present traders L’Occitane, Bessemer Enterprise Companions, Amazon, Ascent Capital and the Mankekar Household Workplace.
The Mumbai-based agency has been valued at $1.2 billion within the newest spherical of funding, up from $310 million within the earlier spherical, making it the most recent member of the coveted unicorn membership. It’s the thirty fifth startup to attain unicorn standing in 2021 alone and the primary direct-to-consumer (DTC) magnificence and private care firm to achieve such standing within the nation.
“You’re going to see the Good Glamm Group emerge as one of many largest FMCG (fast-moving shopper items) conglomerates from this a part of the world. That’s our imaginative and prescient,” stated Darpan Sanghvi, Group founder and CEO, Good Glamm Group. “This Collection D funding, the arrival of Prosus and Warburg and our entry into the unicorn membership, all of this simply provides us an awesome basis to fulfil that imaginative and prescient. I feel there is a chance to construct a $10 billion FMCG conglomerate out of India. At this time marks the start of that journey.”
The Good Glamm Group includes a portfolio of proprietary magnificence and private care manufacturers which might be powered by a digital ecosystem of content material, group and creator belongings. The agency can be utilising its newest funding to put money into product growth, assist information science and expertise analysis, enhance offline enlargement and fund working capital necessities. The Group may also proceed to make investments in additional magnificence and private care manufacturers. The funding can be anticipated to assist the corporate compete with conventional gamers and new-age magnificence platforms equivalent to Sugar, Nykaa, Plum, Purplle and Wow Pores and skin Science.
In keeping with information platform Statista, India’s BPC (magnificence and private care) market, estimated at $25.9 billion in 2020, is projected to achieve $32.7 billion by 2023, rising at a compound annual progress charge (CAGR) of 8.1 per cent.
Priyanka Gill, co-founder, Good Glamm Group, stated the corporate has been rising 8X year-over-year. She stated half of this progress is natural and the opposite half is inorganic.
“We’re at a $120 million income run charge (annual recurring income or ARR) proper now and anticipate to cross $250 million income run charge by March 2022,” stated Priyanka Gill, co-founder, Good Glamm Group. “ Additionally offline (enterprise progress) has doubled for us from final yr.”
Magnificence & private care manufacturers owned by the Good Glamm Group embrace MyGlamm (cosmetics), MomsCo ( mom and child), POPxo (cosmetics for tweens) and Child Chakra ( child merchandise co-created with moms). POPxo is the biggest feminine content material platform with 88 million customers and ScoopWhoop is the biggest male content material platform with 100 million customers. BabyChakra is a number one parenting platform with 20 million moms and a community of 10,000 docs) and Plixxo is a number one creator and influencer administration platform with 220,000 influencers onboarded.
“There are over 220,000 influencers who’re a part of the Good Glamm Group and they’re rising,” stated Gill. “That is the gross sales and quantity driver for us in the present day. That is an India first idea for the world because the content material to commerce technique (playout) within the magnificence and private care class at this degree has not occurred earlier than.”
This unparalleled digital attain, mixed with over 30,000 offline retail factors of sale of the Group’s flagship magnificence model, MyGlamm, provides all of the manufacturers below the Good Glamm Group an unprecedented alternative to scale each on-line and offline.
“About 25 per cent of the Group’s revenues really come from offline. So, we’re really the place the patron is. That is very distinctive whenever you speak about different manufacturers within the ecosystem. I feel we’re one of many few manufacturers who’ve been capable of scale up our offline and on-line (presence) with such a magnitude,” stated Naiyya Saggi, co-founder, Good Glamm Group. “About 60 per cent of our shoppers come from tier-2, tier-3 and tier-4 (cities and cities). So the aspiration is common. You’re seeing the millennials and Gen Z coming on-line and having these conversations on magnificence and private care, in a really unprecedented means.”
That is additional amplified by the Group’s deep experience in DTC progress, new product growth and expertise and information science. Entry to those worth engines are attracting India’s main new age, progressive and fast-growing magnificence and private care manufacturers to hitch the Good Glamm Group. In direction of this, the Group has already made acquisitions and investments value $270 million so far.
“With a powerful portfolio of D2C manufacturers and proprietary content material belongings, the Group is well-positioned to scale quickly and create a big digital-first enterprise within the magnificence and private care area,” stated Vishal Mahadevia, managing director and India Head at Warburg Pincus, about its funding in Good Glamm Group.
Ashutosh Sharma, head of Investments, India, Prosus Ventures stated the funding marks the organisation’s first funding within the DTC class. “The Good Glamm staff has paired fascinating, homegrown manufacturers with compelling content material, constructing an extremely engaged group and positioning them properly for future progress in India and past,” stated Sharma.