Online beauty brand MyGlamm has acquired Priyanka Gill owned women-centric content and influencer platform POPxo, without disclosing any terms of the transaction. Priyanka, the founder of POPxo, will be joining MyGlamm’s board as the co-founder of the combined entity.
As reported by ET (1), the deal would be helping MyGlamm reduce its customer acquisition costs, which has been one of the highest cost centers for a direct-to-consumer brand. The deal would also help the brand reach out to a wider audience that will help it launch new products more effectively.
POPxo has over 50 million women users across their platforms, with nearly 99% of users being organic.
Darpan Sanghvi, the founder of MyGlamm, said that to date, the company has only engaged with users acquiring them, but POPxo would help them widen the top of the funnel.
POPxo would continue to run as an independent platform with an expected Rs 4 crore revenue per month.
POPxo- a leader of women-centric content platforms
MyGlamm’s revenue saw a rise in February at Rs 12 crore, but sadly, due to the COVID-19 pandemic, its offline sales, which constitute about 40%, got drastically effected in the last few months.
MyGlamm competes with brands like Sugar Cosmetics, Nykaa, Faces Canada, etc.
With the acquisition, MyGlamm aims to scale to Rs 34 crore a month by December 2021.
Beauty and personal care startups have attracted major investments since the last year, with most players showing a 3-5% growth in revenue through online-led distribution.
POPxo will discontinue its private brands, and the combined entity will work jointly to launch newer brands.
Founded in 2015, POPxo has raised over $10 million from investors like Kalaari, Chiratae, and Neoplux.
Link : https://timesnext.com/beauty-brand-myglamm-acquires-popxo/
Author :- Saumya Uniyal
August 07, 2020 at 12:24PM
TimesNext