The Good Glamm Group, a dynamic content-to-commerce company based in Delhi, has successfully raised Rs 245.5 crore (approximately $30 million) in a bridge round from existing investors via a right issue. This infusion marks a significant milestone for the company, representing its first major funding since its Series D round in November 2021.
According to regulatory filings sourced from the Registrar of Companies (RoC), the company’s board has passed a special resolution to allot 1,832 preference shares at an issue price of Rs 13,40,000 each, resulting in the raised capital.
Warburg Pincus is leading the round with a contribution of Rs 129 crore, closely followed by Prosus with Rs 95.73 crore. Bessemer India and Accel Partners have also participated, injecting Rs 12.46 crore and Rs 8.31 crore into the venture.
The capital raised will be instrumental in supporting Good Glamm’s working capital requirements and ongoing operational activities, aligning with the business plan approved by the board, as stated in the regulatory filings.
Notably, the company extended an offer to other existing shareholders to participate in the current round, hinting at the potential for additional funding in the pipeline.
Founded by Darpan Sanghvi, with subsequent contributions from Priyanka Gill and Naiyya Saggi, The Good Glamm Group stands as a content-creator commerce conglomerate. It boasts a diverse portfolio of innovative and rapidly growing direct-to-consumer beauty and personal care brands bolstered by its proprietary digital ecosystem of content and creator assets.
Prior to this bridge round, L’Occitane International held the largest external stake in the company, 15.67%, followed by Bessemer India, Warburg Pincus, and Prosus, at 14.09%, 8.17%, and 7.60%, respectively.
Although the financial results for FY23 are pending, The Good Glamm Group demonstrated robust performance in FY22, witnessing a fivefold increase in its top line to surpass Rs 250 crore. However, the company also experienced an uptick in losses, which reached Rs 273 crore during the same period.
This latest funding round not only underlines investor confidence in The Good Glamm Group’s business model and growth trajectory but also positions the company for further expansion and innovation within the content-driven commerce landscape.
