Beauty brand MyGlamm acquires women-centric digital platform POPxo
In a first-of-its-kind consolidation move in the beauty segment, MyGlamm has acquired digital media platform POPxo, which focuses on content for women. As part of the deal, MyGlamm will be owning all the shares of POPxo, with its CEO Priyanka Gill joining the beauty brand as co-founder.
While both brands will retain their identities, investors of POPxo, including Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital, will also join MyGlamm investors.
“We had been trying hard to develop content to be discovered organically, but have not been able to do it successfully. We wanted to reduce our marketing spend and still grow. That’s why we decided to marry the two companies,” said Darpan Sanghvi, founder, MyGlamm.
Sanghvi said after this deal, the company will be able to save 60-70 per cent of the Rs 40-crore it spends annually on marketing. Gill said through this move, her company will be able to monetise the content on her platform. POPxo has over 43-million monthly active users across all platforms. Every month, the team creates over 1,500 stories, 80 videos resulting in users spending over 3 million hours consuming POPxo content, the company said.
