Hyderabad-based online startup, GlamEgo, which offers beauty box through subscription, has raised $500,000 (~Rs. 3.5 crores) in its first external funding. Post the fundraise, the valuation of GlamEgo stands at Rs 30 crore, reported Telangana Today.
The startup plans to use the funds to double its brand offerings from 100 plus to 200 plus by end of 2019.
Incubated at T-hub Hyderabad, GlamEgo provides customized subscription service to those looking for beauty cosmetics at affordable prices ranging approximately at cost of Rs 1,500 – Rs 2,000 for premium brands and Rs 399 for niche brands. Subscribers would receive a set of cosmetics and skin care products each month as chosen by the company, based on their preferences.
GlamEgo was founded in 2017 by Lavanya Sunkari and Prabhakar Darakapalli.
“We deliver all over India and have an automated delivery system in place for over 38,000 pin codes. We plan to get on-board premium brands like Startstruck by Sunny Leone, Votre, Jovees and Palmers,” said co-founder Lavanya, who is CEO of Glamego.
An another subcription box-based startup is Gurgaon-based Carmesi which offers subscription-based delivery of bio-degradable sanitary pads made of cornstarch and bamboo fibre.
In August last year, Carnesi raised $500,000 in a Pre-Series A funding from Samrath Bedi, Managing Director, Forest Essentials, a luxury Ayurvedic beauty brand.
Top Image – Metamorphosis.