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Good Glamm Group

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Good Glamm Group
Company typePrivately held company
IndustryCosmetics & personal care, media, influencers
FoundedSeptember 2021
Area served
Asia, Middle East
Key people
Darpan Sanghvi (Group founder & CEO)
Priyanka Gill (Co-founder)
Naiyya Saggi (Co-founder)
RevenueIncrease ₹252.7 crore (US$30 million) (FY22)
Decrease ₹−273 crore (US$−33 million) (FY22)[1]

The Good Glamm Group is a content-to-commerce company that produces and sells personal care and cosmetic products,[2] with operations in India, Dubai,[3] Singapore, and the USA.[4] The company achieved unicorn status in 2021 after a $150 million Series D funding round at a valuation of $1.2 billion.[5][6][7][8] The group announced plans to launch an IPO[9][10] on 30 August 2022.[11][12]

History

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Darpan Sanghvi, with the backing of L’Occitane (a French beauty conglomerate), established a D2C beauty company called MyGlamm in 2017,[13][14] which had over 800 SKUs on its D2C website and over 30,000 offline points of sales in over 70 cities. Meanwhile, back in 2013, Priyanka Gill founded POPxo, a digital community platform for millennial women that later launched its e-commerce division selling POPxo beauty products.[15] In 2020, Sanghvi teamed up with Gill and purchased POPxo for an undisclosed sum. MyGlamm then went on to acquire BabyChakra, a content and community platform for young mothers set up in August 2021 by Naiyya Saggi.[16][17][18]

In July 2021, MyGlamm secured INR 530 crore in a Series C funding round with Accel and existing investors in July 2021.[19]

In September of the same year, the merger of all three companies, MyGlamm, POPxo, and BabyChakra, resulted in the formation of the Good Glamm Group.[20][21]

In November 2021, the Good Glamm Group became India's first beauty commerce unicorn after receiving $150 million in a Series D funding round led by Prosus Ventures and Warburg Pincus.[22] Its Investors include L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital, Warburg Pincus, and others.[13]

By July 2022, the Good Glamm Group had acquired 11 companies and raised $250 million in digital media, influencer marketing, and beauty & personal care brands.[23][17][24]

In December 2022, the group acquired a 51% stake in digital media company Tweak India, owned by Indian actor Twinkle Khanna, making it their 12th acquisition. In March 2023, the group partnered with Akshay Kumar to launch a joint venture for personal care and wellness products for men.[25][10]

On 12 December 2023, the Good Glamm Group became a direct seller on Open Network for Digital Commerce (ONDC).[26]

Financials

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In 2020-21, the group recorded consolidated revenue from operations at over Rs 49 crore along with a net loss of Rs 43.6 crore, while it registered a loss of Rs 272.9 crore in the financial year 2022–23.[5][27] Its current revenue run rate is $41 million.[28]

Business divisions

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The Good Glamm Group has four divisions: Good Brands Co, Good Media Co, Good Creator Co, and Good Community. Good Brands Co includes brands like MyGlamm, The Moms Co, Sirona, St. Botanica, and Organic Harvest. Good Media Co includes digital media companies like POPxo, ScoopWhoop, Tweak, MissMalini, and BabyChakra.[29] Good Creator Co includes influencer companies like Plixxo, Winkl, Vidooly, Bulbul, and MissMalini’s influencer and talent management division and launched the Good Creator Co (GCC) App in March 2023.[23][30][6]

Accolades

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The Good Glamm Group has won several awards including five at Forbes DTC Awards in 2023,[31] featured in Fortune's Employer of the Future list,[32] LinkedIn's top 10 Startups,[33] and Beauty Matters List of future 50 beauty companies in 2023.[34] Harvard Business School did a case study on the acquisition of BabyChakra[35] and their brands won awards from Vogue[36] and Cosmopolitan.[37]

References 

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  1. ^ Sil, Debarghya (20 March 2023). "The Good Glamm Group's FY22 Loss Surges 6.2X To INR 273 Cr, Sales Jump To INR 240 Cr". Inc42 Media.
  2. ^ "What's powering Good Glamm Group's buying spree?". The Economic Times. Retrieved 2023-04-26.
  3. ^ "Content-to-commerce unicorn Good Glamm eyes IPO in 2024, aims to replicate Nykaa's success". Business Today. 2022-08-30. Retrieved 2023-04-19.
  4. ^ "Good Glamm Group restructures business, announces international division". The Hindu. 2022-07-06. ISSN 0971-751X. Retrieved 2023-04-19.
  5. ^ a b Sharma, Samidha; Mishra, Digbijay (2022-09-06). "Wary investors walk away from large-funding deals at unicorns citing tech turbulence". The Economic Times. ISSN 0013-0389. Retrieved 2023-04-26.
  6. ^ a b Bhandari, Kabir Singh (2023-03-08). "Women's Day 2023: How The Women Of The Good Glamm Group Are Redefining The Start Up Space". Entrepreneur. Retrieved 2023-04-19.
  7. ^ Agarwal, Aayush (2023-01-18). "US$1.2B Good Glamm's acquisition spree is a tale of user growth and retention challenge". The Ken. Retrieved 2023-04-19.
  8. ^ "MyGlamm parent becomes unicorn with $1.2 bn valuation after Warburg-led funding". VCCircle. Retrieved 2023-04-19.
  9. ^ "Want to list in 2023 at $10 billion valuation: Good Glamm's Darpan Sanghvi". Moneycontrol. Retrieved 2023-04-26.
  10. ^ a b "Good Glamm Group eyes profitability ahead of IPO". mint. 2023-04-23. Retrieved 2023-04-26.
  11. ^ "Content-to-commerce unicorn Good Glamm eyes IPO in 2024, aims to replicate Nykaa's success". Business Today. 2022-08-30. Retrieved 2023-04-26.
  12. ^ Chakravorty, Pallavi (2022-12-07). "India's public markets are our natural destination, Say Good Glamm Group's co-founders". Outlook. Retrieved 2023-04-26.
  13. ^ a b Shanthi, S. (2022-08-09). "Darpan Sanghvi: The Makeover Man". Entrepreneur. Retrieved 2023-04-19.
  14. ^ "15 Young Indian Entrepreneurs who are Making a Difference". Suger Mint. 2022-06-14. Retrieved 2023-04-19.
  15. ^ Thaker, Naini (31 March 2021). "Personal Care Brands See Wind In Their Sales". Forbes India. Retrieved 2023-04-19.
  16. ^ Shanthi, S. (2022-05-05). "Good Glamm Group: When Beauty Meets Brains". Entrepreneur. Retrieved 2023-04-26.
  17. ^ a b Thaker, Naini (14 July 2022). "How The Good Glamm Group Is Building A Content-to-commerce Behemoth". Forbes India. Retrieved 2023-04-19.
  18. ^ Shanthi, S. (2022-01-14). "The Genesis and Vision Of Good Glamm Group". Entrepreneur. Retrieved 2023-04-19.
  19. ^ "Good Glamm Group will be first global beauty company out of India in coming years: founder and CEO Darpan Sanghvi". The Economic Times. 2023-05-25. Retrieved 2023-09-07.
  20. ^ Sil, Debarghya (2023-03-20). "The Good Glamm Group's FY22 Loss Surges 6.2X To INR 273 Cr, Sales Jump To INR 240 Cr". Inc42 Media. Retrieved 2023-04-19.
  21. ^ "ScoopWhoop, The Moms Co. in bag... inside Good Glamm's acquisition binge". www.fortuneindia.com. 11 October 2021. Retrieved 2023-04-19.
  22. ^ Chaki, Deborshi (2022-05-26). "Good Glamm plans $250 mn fundraise". mint. Retrieved 2023-04-19.
  23. ^ a b "How the Good Glamm group is fashioning a content-to-commerce conglomerate". Moneycontrol. Retrieved 2023-04-19.
  24. ^ Bhargava, Yuthika (2021-09-27). "The Good Glamm Group goes an acquisition spree with a ₹750-cr. budget". The Hindu. ISSN 0971-751X. Retrieved 2023-04-26.
  25. ^ "The Good Glamm Group picks majority stake in Twinkle Khanna's Tweak India". mint. 2022-12-05. Retrieved 2023-04-19.
  26. ^ "The Good Glamm Group joins ONDC network". ETRetail.com. 12 December 2023. Retrieved 2024-02-13.
  27. ^ "Good Glamm Group's losses grow due to rising acquisition costs". VCCircle. Retrieved 2023-04-26.
  28. ^ "New Unicorn Good Glamm Group eyes international expansion and IPO". The New Indian Express. 11 November 2021. Retrieved 2023-04-26.
  29. ^ Upadhyay, Harsh (2023-03-16). "The Good Glamm Group's topline crossed Rs 250 Cr in FY22, losses up 6X". Entrackr. Retrieved 2023-04-26.
  30. ^ Tandon, Suneera (2022-07-06). "Good Glamm Group forms 3 divisions; eyes foreign foray". mint. Retrieved 2023-04-19.
  31. ^ "Forbes India". www.d2cdisruptors.com. Retrieved 2023-04-19.
  32. ^ "Fortune's 2023 100 Best Companies to Work For boast productivity growth that dwarfs the averages". Fortune. Retrieved 2023-04-19.
  33. ^ "CRED, upGrad & Groww feature among top startups in India. Check full LinkedIn list". Hindustan Times. 2022-09-29. Retrieved 2023-04-19.
  34. ^ "The BeautyMatter FUTURE50 – Beauty Businesses That Matter Now". BeautyMatter.
  35. ^ Ambwani, Meenakshi Verma (2022-08-29). "BabyChakra is now the focus of a Harvard Business School case study". www.thehindubusinessline.com. Retrieved 2023-04-19.
  36. ^ "Vogue Beauty Awards 2021: At Home With VBF". Vogue India. 2021-07-31. Retrieved 2023-04-19.
  37. ^ "The Four Best Liquid Eyeliners of 2019 - Beauty, Cosmopolitan India". Cosmopolitan India. Retrieved 2023-04-19.
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