1947 Tech 🇮🇳: 177
Nykaa it is!
1. Nykaa’s founder becomes India’s wealthiest self-made female billionaire
Beauty startup Nykaa’s founder Falguni Nayar has become India’s wealthiest self-made female billionaire, according to the Bloomberg Billionaires Index, as shares made a strong stock market debut on Wednesday.
Nayar, who owns about half of Nykaa, is now worth about $6.5 billion as shares of the firm surged as much as 89% when they started trading Wednesday. FSN E-Commerce Ventures, Nykaa’s parent entity, is India’s first woman-led unicorn to hit the stock exchange.
2. Amazon-backed D2C beauty brand MyGlamm becomes unicorn with $150 million funding
The Good Glamm Group, the parent firm of direct-to-consumer beauty brand MyGlamm, is the latest Indian startup to join the unicorn club.
The Mumbai-headquartered startup has raised $150 million in its Series D financing round from Prosus Ventures and Warburg Pincus. The new round, which also saw participation from Alteria Capital and existing investors L’Occitane, Bessemer Venture Partners, Amazon, Ascent Capital and the Mankekar Family Office, values the four-year-old startup at $1.2 billion post-money.
That’s a 12x surge in its valuation from $100 million in March this year. MyGlamm was valued at $300 million in July, when it extended and closed its Series C financing round.
MyGlamm’s parent firm operates as a house of brands in the beauty and personal care spaces. It sells the vast majority of its products from its own website, app and more than 30,000 retail touch points.
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