The newly setup ‘The Good Glamm Group’, which already has brands such as MyGlamm, POPxo and BabyChakra under its fold, will be investing ₹750 crore by March 2022, to acquire at least four more beauty and personal care brands, as its looks to create a digital CPG conglomerate.
The company is also targeting a revenue run rate of $250 million by March 2022, and is aiming to go for an IPO by 2023-24.
“We are building the digital FMCG company of the future...The Good Glamm Group today has MyGlamm, PopXo, Plixxo and BabyChakra. We will be investing about $100 million over the next three to six months to add 4-6 more brands in the beauty and personal care space,” Darpan Sanghvi, Group Founder and CEO, The Good Glamm Group, told The Hindu.
He added that the company has broken even and is not burning any capital. “So, we now have enough capital in the bank for ourselves, and to invest about $100 million in these acquisitions...We are at a $100 million revenue run rate right now. By March, we have a very aggressive projection of about $250 million revenue run rate. And we’re hoping for an IPO in FY 2023-24,” he added.
The company had also topped up its Series C fundraise with a ₹255 crore infusion led by an equity investment from the Trifecta Leaders Fund and structured financing from Trifecta Capital and Stride Ventures, taking the total funds raised to about ₹750 crore.
“The brands we acquire will be in the beauty and personal care category that includes makeup, skin, hair, hygiene, mom and baby, and bath and body. We are looking at brands that have revenues in the range of ₹50-₹200 crore,” Mr. Sanghvi said.
Priyanka Gill, Co-Founder, The Good Glamm Group, added that each acquired brand will continue its journey individually with The Good Glamm Group providing the back-end support engine.
Further, brands that come under the Group umbrella will be able to leverage a large digital audience comprising over 88 million annual users, along with 20,000 offline retail points, Naiyya Saggi, Founder of Baby Chakra and co-founder at The Good Glamm Group, said.
