Investments, funding, and merging are the part and parcel of the startup industry. Amidst the novel Corona Virus, many brands, small companies have witnessed consolidations, collaborations and many have also made it to be a full big-time Unicorn!
On that note, hybrid beauty platform Myglamm acquired PopXo recently. Myglamm a women-centric beauty brand has acquired PopXo for an undisclosed amount. Following to the transaction, Priyanka Gill, PopXo’s founder, and CEO will consolidate as Myglamm’s co-founder.
Let’s talk numbers; MyGlamm, which launched its products in October 2017, has over 2000 points of sale across 50 cities in India. To date, MyGlamm has raised around $28 million in risk capital from Bessemer Venture Partners, L’Occitane, Mankekar Family Office, and Tano Capital LLC.
Operating revenue for POPXo did grow by 51% to Rs 12.08 crore in FY19 but couldn’t offset the losses which grew by 59% to Rs 19.08 crore in FY19 crore from Rs 12.24 crore in FY18. Its net operating cash flow stood at -Rs 20.12 crore for the fiscal ended in March 2019.
As perFintrackr, Entrackr’s financial health estimating system for startups,estimates, MyGlamm has valued north of Rs 562 crore following this funding round.
The lifestyle e-commerce platform had generated revenues of Rs 13.7 crore during FY19 on a loss of Rs 33.2 crore during the same period. Financially, the company seems to be in a strong position with a claim of Rs 140 crore of annualized revenue and growth of 400% in the past 12 months. The firm is projecting to grow to an annualized revenue of Rs 400 crore by December 2021.