POPxo, an online community of women has been acquired by MyGlamm, a direct-to-consumer beauty brand. Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capitalm join MyGlamms existing investors- Bessemer Venture Partners, L'Occitane, Mankekar Family Office, and Tano Capital LLC, after this acquisition. POPxo's founder & CEO Priyanka Gill will join the board and leadership team as co-founder of MyGlamm, as part of the said deal.
POPxo and MyGlamm now claim to represent a community of over 50 million women and plan to be the largest content, community, and commerce brand in South Asia. MyGlamm and POPxo have over 45,000 influencers on their platforms, go-to-market capabilities, and data-driven insights. They plan on co-creating and launching products in the beauty & lifestyle category.
Founder and CEO of MyGlamm, Darpan Sanghvi, said that Both MyGlamm and POPxo have been built for the Indian female consumer and share equal commitment to support women in every sphere of their lives. He further said that after this acquisition, MyGlamm will be able to form a connection with the millennial women, reach uncharted geographies, and work with POPxo in identifying emerging consumer needs & consumption patterns to co-create beauty trends of tomorrow.
The creation of content by POPxo will continue across all platforms for women in India. Plixxo, which is a part of POPxos influencer marketing platform will continue to fulfill the mission of the group and also amplify the brands as Indias largest influencer platform.
Priyanka Gill stated that the POPxo vision has always been to build a content-community-commerce destination for women in India. She also said that MyGlamm will be a powerful partner who has proven its strengths in producing and selling beauty products at scale. The power of content will be leveraged by both of them for meaningful engagement with the users and to truly listen to the users to co-create the products they really want.
MyGlamm products was launched in October 2017 and are available both online and offline. With Rs 140 crore of annualized revenue, MyGlamm has grown over 400% in the last 12 months and is projecting to grow to an annualized revenue of Rs 400 crore by December 2021.
