Content-to-commerce platform The Good Glamm Group has completed the acquisition of Sirona Hygiene for Rs 450 crore (approximately $60 million) in an all-cash deal. This transaction represents one of the largest cash exits for a direct-to-consumer startup in India, especially within the femtech sector.
Following this acquisition, Deep Bajaj and Mohit Bajaj, co-founders of Sirona, stepped down from their active roles earlier this year and have now also resigned from their positions as active directors.
The deal has also benefited Sirona’s employees through accelerated ESOP vesting, resulting in early financial gains, The Good Glamm Group said in a press release.
It’s important to mention that the co-founders of Sirona, along with The Moms Co and the Indian Angel Network (IAN), reportedly filed a default notice against The Good Glamm Group for failing to make the final payments related to the acquisition deal.
Founded in 2015, Sirona offers products designed for women from puberty to menopause. The brand has introduced innovative solutions such as PeeBuddy, a stand-and-pee device for women, as well as India’s first herbal period pain patches, a comprehensive range of menstrual cups, period stain removers, anti-chafing rash creams, and sanitary disposal bags, among other category-defining products.
In 2022, Good Glamm Group invested Rs 100 crore ($12 million) in Sirona through both primary and secondary investments, providing significant returns of 6x to 20x for early angel and seed investors. Since then, Sirona claims to have tripled its revenues in just 24 months.
Sirona has also acquired several startups, including IMpower, a women’s safety pepper spray brand, and BLEU, India’s first vegan condom brand. Besides Sirona, The Good Glamm Group owns a portfolio of market-leading DTC beauty and personal care brands including MyGlamm, The Moms Co, Organic Harvest, St Botanica and WYN Beauty by Serena Williams.
The Delhi-based Good Glamm Group, which became a unicorn in 2021 with a $250 million funding round, claims to be the fastest-growing consumer internet firm, with a CAGR of 251% between FY21 and FY23. Earlier this year, it secured an additional $30 million in a new round.
The company plans to go public by Diwali 2025 and recently introduced the GlammSOP program for high-performing employees, offering accelerated ESOP vesting at the time of the IPO.
By Entrackr
Source: Entrackr