The Good Glamm Group acquires talent management network MissMalini
Financial terms of the acquisition were not disclosed.
“With the acquisition of Baby Chakra and ScoopWhoop, we had a good grip on the influencer community…but with MissMalini Entertainment, we now have access to the network of premium influencers and celebrities,” said Darpan Sanghvi, co-founder and CEO of The Good Glamm Group. said ET.
The direct-to-consumer brand will invest an additional $10 million 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 group’s fifth acquisition this year after The Mom’s Co, Baby Chakra, ScoopWhoop and PopXo.
“Our large user base and reach, along with digital and go-to-market omnichannel capabilities, combined with data-driven forward-looking customer insights, will help our brands grow across all categories,” said Sanghvi.
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The Mumbai-based company will continue to operate independently, Sanghvi added.
Founder Malini Agarwal and co-founders Nowshad Rizwanullah (CEO) and Mike Melli (CRO) will continue to lead the company, he said.
“Good Glamm Group and MissMalini share strong brand synergies, common values and a shared vision to transform India’s burgeoning social commerce industry, leveraging first mover advantages to create exciting new opportunities in the country’s creative economy,” Agarwal said.
Good Glamm raised $150m in November from investors led by South African-based Prosus Ventures (formerly Naspers) and private equity firm Warburg Pincus.
The funding round catapulted the mainstream brand into the growing tribe of Indian unicorns or private 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 (girl community platform), Ignite Edge (celebrity and talent management), Agent M Creative (creative agency), and MM Studios (house video production) with 60 million users, will now be part of the Group.
The company has annualized revenue of $150 million.
“We are expected to close the fiscal year ending March 31, 2022 with revenue of $250 million,” Sanghvi said.
New-age and digital-first personal care and beauty brands such as Purplle, Sugar Cosmetics, Mamaearth and Plum Cosmetics attracted interest from venture investors while the biggest player, Nykaa, was listed the month the latter at a market capitalization of over Rs 1 lakh crore.
The Covid-19 pandemic has boosted brand activity online as it has accelerated consumers’ digital adoption and led them to buy more and more of these products.