Following its acquisition of a majority stake in D2C feminine hygiene startup Sirona two years ago, The Good Glamm Group has now completed the full acquisition of the brand.
Acquisition͏͏ Details:
In͏͏ a͏͏ statement,͏͏ the͏͏ company͏͏ announced͏͏ that͏͏ the͏͏ content-to-commerce͏͏ firm͏͏ completed͏͏ the͏͏ acquisition͏͏ for͏͏ INR͏͏ 450͏͏ Cr͏͏ ($60͏͏ Mn),͏͏ securing͏͏ the͏͏ remaining͏͏ 49.42%͏͏ stake͏͏ and͏͏ offering͏͏ an͏͏ all-cash͏͏ exit͏͏ to͏͏ founders͏͏ Deep͏͏ and͏͏ Mohit͏͏ Bajaj.
The͏͏ Good͏͏ Glamm͏͏ Group͏͏ previously͏͏ invested͏͏ INR͏͏ 100͏͏ Cr͏͏ in͏͏ Sirona͏͏ in͏͏ December͏͏ 2021,͏͏ acquiring͏͏ a͏͏ 41.15%͏͏ stake͏͏ through͏͏ a͏͏ combination͏͏ of͏͏ primary͏͏ and͏͏ secondary͏͏ investments.
By͏͏ the͏͏ end͏͏ of͏͏ FY23,͏͏ the͏͏ company͏͏ had͏͏ increased͏͏ its͏͏ stake͏͏ in͏͏ the͏͏ femtech͏͏ startup͏͏ to͏͏ 50.58%͏͏ for͏͏ an͏͏ undisclosed͏͏ sum.
Interestingly,͏͏ both͏͏ cofounders͏͏ stepped͏͏ down͏͏ from͏͏ their͏͏ active͏͏ roles͏͏ at͏͏ Sirona͏͏ earlier͏͏ this͏͏ year,͏͏ and͏͏ with͏͏ the͏͏ latest͏͏ deal,͏͏ they͏͏ will͏͏ also͏͏ resign͏͏ from͏͏ their͏͏ positions͏͏ as͏͏ active͏͏ directors.
Furthermore,͏͏ according͏͏ to͏͏ The͏͏ Good͏͏ Glamm͏͏ Group,͏͏ the͏͏ transaction͏͏ will͏͏ enhance͏͏ benefits͏͏ for͏͏ Sirona’s͏͏ employees͏͏ by͏͏ accelerating͏͏ the͏͏ vesting͏͏ of͏͏ their͏͏ ESOPs.
“It͏͏ hasn’t͏͏ been͏͏ an͏͏ easy͏͏ journey—bootstrapping,͏͏ navigating͏͏ fundraising͏͏ challenges,͏͏ breaking͏͏ taboos,͏͏ and͏͏ handling͏͏ copycats—we’ve͏͏ experienced͏͏ it͏͏ all.͏͏ This͏͏ all-cash͏͏ acquisition͏͏ feels͏͏ like͏͏ validation͏͏ for͏͏ our͏͏ hard͏͏ work,”͏͏ Deep͏͏ remarked.
Sirona’s͏͏ Product͏͏ Offerings:
Established͏͏ in͏͏ 2015,͏͏ Sirona͏͏ offers͏͏ a͏͏ range͏͏ of͏͏ female͏͏ hygiene͏͏ products,͏͏ including͏͏ herbal͏͏ pain͏͏ relief͏͏ patches,͏͏ period͏͏ stain͏͏ removers,͏͏ oxo-biodegradable͏͏ sanitary͏͏ napkins,͏͏ and͏͏ menstrual͏͏ cups.
The͏͏ femtech͏͏ startup͏͏ is͏͏ reported͏͏ to͏͏ have͏͏ tripled͏͏ its͏͏ revenues͏͏ since͏͏ 2022,͏͏ while͏͏ Sirona͏͏ has͏͏ yet͏͏ to͏͏ disclose͏͏ its͏͏ financial͏͏ results͏͏ for͏͏ the͏͏ fiscal͏͏ year͏͏ 2023-24͏͏ (FY24).
Continue͏͏ Exploring:͏͏ Femtech startup͏͏ Laiqa͏͏ Wellness͏͏ secures͏͏ INR͏͏ 15͏͏ Cr͏͏ seed͏͏ funding͏͏ from͏͏ IvyCap͏͏ Ventures͏͏ to͏͏ advance͏͏ AI-driven͏͏ hormonal͏͏ health͏͏ solutions
Revenue͏͏ Growth͏͏ Amid͏͏ Losses:
In͏͏ its͏͏ most͏͏ recent͏͏ financial͏͏ filing͏͏ with͏͏ the͏͏ MCA,͏͏ the͏͏ feminine͏͏ hygiene͏͏ startup͏͏ reported͏͏ a͏͏ net͏͏ loss͏͏ that͏͏ increased͏͏ by͏͏ 97%͏͏ to͏͏ INR͏͏ 33.10͏͏ Cr͏͏ in͏͏ FY23,͏͏ up͏͏ from͏͏ INR͏͏ 16.83͏͏ Cr͏͏ the͏͏ previous͏͏ fiscal͏͏ year.͏͏ Meanwhile,͏͏ operating͏͏ revenue͏͏ rose͏͏ by͏͏ 81%͏͏ to͏͏ INR͏͏ 75.28͏͏ Cr͏͏ in͏͏ the͏͏ reviewed͏͏ fiscal͏͏ period,͏͏ compared͏͏ to͏͏ INR͏͏ 41.51͏͏ Cr͏͏ in͏͏ FY22.
Financial͏͏ Snapshot͏͏ of͏͏ The Good Glamm Group:
For͏͏ The͏͏ Good͏͏ Glamm͏͏ Group,͏͏ net͏͏ losses͏͏ surged͏͏ to͏͏ INR͏͏ 917͏͏ Cr͏͏ in͏͏ FY23,͏͏ marking͏͏ a͏͏ 153%͏͏ increase͏͏ from͏͏ the͏͏ INR͏͏ 362.5͏͏ Cr͏͏ loss͏͏ reported͏͏ in͏͏ FY22.͏͏ The͏͏ startup’s͏͏ revenue͏͏ grew͏͏ 2.8͏͏ times͏͏ in͏͏ FY23,͏͏ with͏͏ operating͏͏ revenue͏͏ reaching͏͏ INR͏͏ 603͏͏ Cr,͏͏ a͏͏ year-on-year͏͏ increase͏͏ of͏͏ 185%.
