Mumbai Good Glam Group, formerly known as MyGlam, is in talks with new and existing investors to raise $250 million at a valuation of about $2 billion, two people familiar with the development said.
Good Glam became a unicorn, a startup valued at at least $1 billion, when it raised $150 million in a Series D funding round in November. The deal, co-led by private equity firms Prosus Ventures and Warburg Pincus, valued the group at $1.2 billion.
“Good Glam is in talks with private equity investors and other late-stage technology investors to raise between $200 million and $250 million. Existing investors who came from the previous round are also expected to participate in the new round,” One of the two people above said on condition of anonymity.
“The company has grown through the acquisition of multiple brands in different categories, and the latest fundraising will be geared towards that same objective. With the current slowdown in the tech sector, there is a need to pick up emerging brands and companies in the same or nearby areas. There will be interesting opportunities for those operating in good glam or in new categories that are struggling to raise funds,” he said.
A Good Glam Group spokesperson declined to comment to Mint’s questions.
Good Glam Group is a digital-first house of brands, including innovative and fast-growing beauty and personal care brands, founded by Darpan Sanghvi and co-founded by Priyanka Gill and Nayya Saggi.
Good Glam’s recent acquisitions include the purchase of a majority stake in Delhi-based personal care brand Organic Harvest in January. In the same month, it added influencer marketing platform Winkle and content and creator analytics startup Viduli to its portfolio.
Earlier this month, The Economic Times reported that Good Glam was in talks to acquire Raymond Group’s consumer care products business in a cash-and-stock deal. 2,500-2,800 crore.
In December, the group invested 100 crore in Sirona, a startup that sells feminine hygiene products. In the same month, VCircle reported that Good Glam plans to invest in male grooming brand Ustraa.
Cosmetics firms Saint Botanica and Oriental Botanics were bought by the group last November. Scoopwhoop Media Pvt. Ltd., a digital media and lifestyle content platform, was bought by the business in October. That same month, she bought the baby-care goods firm The Moms Company.
Good Glam also owns POPxo, a tweens-focused cosmetics brand, and Baby Chakra, in addition to the cosmetics brand MyGlamm.
BabyChakra on Wednesday announced the launch of 14 new products, which includes a wide range of baby care products.