BENGALURU: Content-to-commerce conglomerate The Good Glamm Group is the latest to join the coveted unicorn club after raising $150 million funding. The company will also look to set its foot in international markets by the end of next year and will target an IPO (Initial Public Offering) in FY23-24.
Speaking to TNIE, Darpan Sanghvi, Founder and Group CEO, The Good Glamm Group said, time has come for the beauty and personal care company to go international. “We are studying the market and our goal is to enter the international market by August-November next year,” he said.
The Good Glamm Group comprises a portfolio of proprietary beauty and personal care brands. Its current revenue run rate is $120 million and it aims to reach $250 million run rate by March 2022. “We are close to EBITDA breakeven and by FY 22-23, we want to start generating cash. Our priority is to generate cash along with growth,” Sanghvi said.
Entering the unicorn club was a dream come true for both co-founders- Priyanka Gill and Naiyya Saggi. “Ours is a story of collaboration and teamwork and it’s a milestone for us,” said Saggi, the founder and CEO of BabyChakra. In August this year, MyGlamm acquired BabyChakra, which is the largest parenting platform. MyGlamm had invested Rs 100 crore in BabyChakra.
The group will utilise the latest funding to invest in product development, support data science and technology research and increase offline expansion. Sanghvi said that they are lucky to get some brands and also have built great brands. “We want all these brands that we acquired and brought to be in the Top 2 in the respective segments,” he said. The group has made acquisitions and investments worth $270 million to date. It also sees some white space opportunities in the men’s grooming space.
According to Statista, which specialises in market and consumer data, revenue in the Beauty and Personal Care market in India is $24,048 million in 2021 and the market will grow annually by 5.61% CAGR 2021-2025. Saggi said almost 65% of customers come from Tier-II and III markets and that aspiration is very high in these markets. Also, 25% of the group sales come from offline channels.
“Our Offline sales have been great during this Diwali and Karwa Chauth season. It grew 100% over last year and also during last year, we grew 30% over the previous year. In India, you cannot be a big brand without offline presence. We have an offline presence in 120 cities and will expand it to over 200 cities soon,” said Sanghvi.