The financial terms of the acquisition were not disclosed.
“With the acquisition of Baby Chakra and ScoopWhoop, we had got a good hold on the influencer community… but with MissMalini Entertainment, we now have access to the premium and celebrity influencer network,” Darpan Sanghvi, cofounder and CEO of The Good Glamm Group told ET.
The direct-to-consumer brand will invest $10 million more in the platform to help grow its influencer base, which will eventually play into the content-to-commerce conglomerate’s playbook, Sanghvi said.
This is the
fifth acquisition by the group this year after The Mom’s Co, Baby Chakra, ScoopWhoop and PopXo.
“Our large user base and reach and the digital and go-to-market omnichannel capabilities, combined with the data-driven customer forward insights, will help our brands grow across categories,” Sanghvi said.
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The Mumbai-based company will continue to function independently, Sanghvi added.
Founder Malini Agarwal and cofounders Nowshad Rizwanullah (CEO) and Mike Melli (CRO) will continue to lead the company, he said.
“Both the Good Glamm Group and MissMalini share strong brand synergies, common values and a joint vision to transform India’s burgeoning social commerce industry, leveraging first mover advantages to create exciting new opportunities across the country’s creator economy,” Agarwal said.
Good Glamm raised $150 million in November from investors led by South Africa’s Prosus Ventures (previously Naspers) and private equity major Warburg Pincus.
The funding round catapulted the consumer brand into the growing tribe of Indian unicorns, or privately held startups with a valuation of $1 billion or more. Good Glamm has a post-money valuation of $1.2 billion.
MissMalini’s five business divisions, including MissMalini Media (multi-format original content and marketing), Girl Tribe by MissMalini (women’s community platform), Ignite Edge (celebrity and talent management), Agent M Creative (creative agency) and MM Studios (video production house) with 60 million users, will now be part of the Group.
The company is clocking an annualised revenue run rate of $150 million.
“We are expected to close the financial year ending March 31, 2022, at $250 million in revenue,” Sanghvi said.
New-age, digital-first personal care and beauty brands such as Purplle, Sugar Cosmetics, Mamaearth and Plum Cosmetics have attracted the interest of risk investors while the largest player, Nykaa, listed last month at a market capitalisation of more than Rs 1 lakh crore.
The Covid-19 pandemic has boosted the business of online-led brands as it has hastened digital adoption by consumers and led them to increasingly buy these products.