Good Glamm Group raises Rs 245 crore through a rights issue | Maqvi News

Beauty, media, and lifestyle business Good Glamm Group has raised Rs 245 crore from its existing investors through a rights issue at a valuation of $1.2 billion. The Mumbai-based business plans to put the funds towards its working capital requirements. 

Investors which took part in Good Glamm Group’s funding round included Warburg Pincus, Prosus, Accel Partners, and Bessemer Venture Partners among others, ET Tech reported, citing documents from the Registrar of Companies. Warburg Pincus added Rs 129 crore to the funding round and Prosus added Rs 95 crore. 
 
Good Glamm Group’s funding round consisted of an issue of 1,832 preference shares which were priced at over Rs 13 lakh a piece. The business plans to raise more funds from external investors to the tune of between $35 million and $40 million, anonymous sources told the Economic Times. 

“For FY24, we are looking to close at Rs 1,000 crore,” said Good Glamm Group’s founder Darpan Sanghvi about the business’ projected revenue for the current fiscal year, the Economic Times reported. The business had reported a revenue total of Rs 210 crore in the 2022 financial year and Rs 650 crore in the 2023 financial year.
 
Good Glamm Group launched in 2021 and runs a number of personal care and beauty brands including MyGlamm, St Botanica, and The Moms Co among others. The business is split into four divisions: Good Brands Co, Good Creator Co, Good Media Co, and Good Community, according to its website.