MyGlamm, a Mumbai-based on-demand beauty services startup, has raised $6 million in a funding round led by French cosmetics maker L’Occitane, with participation from existing investors Tano Capital and Times Group-led Brand Capital.
With the newly raised funding, the company is going to expand into new cities in India as well as to the overseas market. The company has also revealed that it is looking to raise another $4 million.
Founded by Darpan Sanghvi in 2015, MyGlamm is a marketplace for stylists/beauticians/nail and spa aestheticians to provide on-demand hair, beauty, nail & spa services at a consumer’s doorstep.
The startup claims that it does 600 services a day in Mumbai and Pune, with a customer repetition contributing to more than 60% of the business. “Repeat customers spend a lot more than new customers. New customers spend INR 1,500 on MyGlamm while repeat customers spend INR 2,900,” said Darpan. He further said:
This is the first instance globally of a beauty company investing in a tech-enabled startup in the space. The strategic support of L’Occitane in our growth will also be a big differentiator over the competition.
The online beauty space is estimated to be $4 to $5 billion industry and is expected to grow at a CAGR of about 20% year over year. In this space, MyGlamm will be competing against the likes of Stayglad, BigStylist, Vyomo, etc.