Content-to-commerce firm The Good Glamm Group raised $30 M Bridge funding
Through a right issue, content-to-commerce company The Good Glamm Group raised Rs 245.5 crore (roughly $30 million) in a bridge round from current investors. This is the Delhi-based company’s first significant investment following its Series D round in November 2021.
As per the regulatory filing obtained from RoC, the board of Good Glamm has approved a special resolution to allocate 1,832 preference shares at an issue price of Rs 13,40,000 each, with the aim of raising Rs 245.5 crore, or $30 million.
Prosus contributed Rs 95.73 crore, while Warburg Pincus led the round with Rs 129 crore. Participating with investments of Rs 12.46 crore and Rs 8.31 crore, respectively, were Bessemer India and Accel Partners.
According to the board-approved business plan and as disclosed by the company in its filings, Good Glamm will use these proceeds to fund its operations and working capital needs.
A separate filing from January reveals that the nine-year-old company extended an invitation to other current shareholders to partake in the current round. In this round, Good Glamm Group is probably going to raise more money.
The Good Glamm Group was estimated by the media to be worth $1.26 billion following this tranche. The firm’s valuation did not change in the new round, contrary to expectations that it would.
Priyanka Gill and Naiyya Saggi joined the Good Glamm Group, a content-creator commerce conglomerate, after it was founded by Darpan Sanghvi. Its portfolio of creative and quickly expanding direct-to-consumer beauty and personal care brands is supported by its in-house digital ecosystem of creator assets and content.
Before this bridge round, the company’s biggest external stakeholder was L’Occitane International, with 15.67%, followed by Bessemer India, Warburg Pincus, and Prosus, with 14.09%, 8.17%, and 7.60% correspondingly.
The company’s top line exceeded Rs 250 crore in FY22, nearly a 5X year-over-year increase, though its financial results for FY23 have not yet been filed. Its losses during that same time period also increased to Rs 273 crore.
