MyGlamm that provides professional beauty treatments and services at home raised $6 million from Global beauty giant- L'Occitane International S.A., US-based PE fund Tano Capital and Brand Capital from the Times of India Group.
MyGlamm is the only company in India in the beauty services space to have completed its Series A raise. And this is the first instance Globally of a beauty products major investing in a tech enabled beauty space.
Launched in 2015, MyGlamm is today doing 600 services a day. It is gross margin positive and it intends to have a net profit by the end of this year. Repeats form more than 60 per centof the business at MyGlamm and what is really exciting is that repeat customers spend a lot more than new customers; While new customers spend Rs 1,500 on MyGlamm, repeat customers spend Rs 2900 on MyGlamm. Gross margins at MyGlamm are in the region of 50 per cent.
Darpan Sanghvi, Founder of MyGlamm says, "Beauty is the category with the highest margin and highest repeat business in the home services category, making beauty by far the most exciting category in the home services business. And it is also the category which requires maximum domain expertise and focus - and given our background of running Salons and Spas globally, we think MyGlamm is best poised to execute this in India"
The capital raised will help MyGlamm expand its operations across India and also in overseas. It is understood that the cpmpany company has plans to set its footprint in eight more cities in India along with a launch in the Middle East.
To bring innovation for the consumer, MyGlamm has exclusive partnerships with leading brands such as Novalash USA, HD Brows UK, Margaret Dabbs UK etc to create a service portfolio.
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