- Sirona was acquired by The Good Glamm Group for ₹450 crore in October 2024
- Within months, it was sold back to founders Deep and Mohit Bajaj for ₹150 crore
- Deep Bajaj cited misalignment post-acquisition, lack of brand focus, and the need for founder-driven revival
Sirona founder Deep Bajaj has finally opened up about the women hygiene brand’s journey with The Good Glamm Group. The beauty start-up had acquired Sirona in an all-cash deal worth ₹450 crore in October 2024. But within few months, it was sold back to its original founders – Deep Bajaj and Mohit Bajaj – only for ₹150 crore, a fraction of the original deal value.
During an interaction with Outlook Business, Bajaj revealed that the founders sold Sirona to then-beauty unicorn with the hope that Good Glamm’s scale and capital would take the brand at the next level. At that time, Sirona was a small-funded platform available only online and Good Glamm tuned unicorn with a strong investor base including Bessemer, Warburg, Accel, and more.
“…hence, I assumed that it (Good Glamm) can take Sirona international. The investors were already getting 6x to 20x returns from Sirona. And as cofounders, we didn’t want to take it further after Sirona’s revenue run rate reached ₹150 crore because we didn’t understand how to scale it,” he told us.
Bajaj admitted that he was not a “great scaling operator”. Then founders reached a point where it made more sense to exit, ease the pressure, and take some money off the table. Back then, the start-up was profitable, making approximately ₹14 crore per month.
After the acquisition, the start-up was still performing good on all marketplaces. But when Good Glamm started acquiring other brands and restructuring the entire company, the downfall began, according to Bajaj. He also attributed the slowdown to changed macroeconomics environment and capital becoming more cautious.
“A lot of focus moved away from Sirona. Everything was neglected, be its fill rates, stock, vendor relations, etc. As a result, the business started collapsing and sales crashed. The brand reached to zero,” he added.
And the founders planned to buy it back after observing Sirona’s ruination in the market. “My team was suffering because of salary delays. The brand was just going down. But I thought – zero to one – is my strength. Then I decided to buy it back,” he added.
What’s Behind Sirona 2.0?
In March 2025, Bajaj brothers started Sirona again from scratch, beginning with some funds from founders, debt and re-settled terms with existing lender to stabilise the business. “There’s a strong inbound investor interest, but we will raise money when the time is right. We are also available in some offline stores like Guardian and Wellness Forever,” he said.
Currently, the founders are back to basics like ensuring stock availability, tightening operations, and going back to the innovative roots. However, there is no plan to launch its own retail stores across the country.
For now, the founders’ focus is on scaling Sirona back to nearly ₹500 crore, while refusing their plan to sell Sirona again. “If someone else is better suited to take it beyond this level, we are open to step aside. But at this point, we have no plans to sell it again in near future,” Bajaj added.
During this entire journey, the founder realised that the founder energy matters for every start-up. “Start-ups need the person who gives them life. If you are acquiring a brand, keep the founder close. If you are a founder selling, make sure the new team can carry the same fire,” he further noted.
Sirona, founded in 2014, focuses on feminine hygiene products with the goal of addressing unmet and overlooked hygiene needs. It began with PeeBuddy, a portable urination device, and has grown to include a variety of unique goods such as menstrual cups, intimate washes, period pain treatment patches, biodegradable sanitary pads, and menstrual cup kits.
The Good Glamm Group used a mix of direct and secondary purchases to invest ₹100 crore in Sirona in 2022. However, because the buyer reportedly failed to finalise the sale under the original terms, the acquisition ran into legal issues before it was completed in 2024. The beauty brand even received a notice from Sirona's founders regarding the delay.
The brand has experienced several setbacks over the last year, despite its lofty promises of profitability, IPO aspirations, and global development. The firm has faced financial challenges, including salary delays and layoffs.
It has sold out several acquired brands, and saw the exit of key representatives, including Anand Daniel (Accel Partners), Vishal Gupta (Bessemer), and Gaurav Kothari (Prosus Ventures), who resigned as independent directors.
