Deep Bajaj, founder of Sirona, revealed on Tuesday that the purchase of the feminine hygiene brand from the financially troubled content-to-commerce company Good Glamm Group was completed. This is one of the few times a start-up has taken back its brand after being acquired.
Bajaj in a Linkedin post said, “For two years, we nurtured the brand with Good Glamm before stepping away. We had a good run together, with its highs and lows. But with Good Glamm’s changing priorities, we felt the best way forward was to reclaim the brand and lead its next phase of growth ourselves.”
In addition to repaying debts accrued while Sirona was owned by Good Glamm, the buyback will be mostly funded by the founders' personal funds.
The Good Glamm Group 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. Media reports also suggested that the group is now negotiating a funding round at a significantly lower valuation.
The company has also received default warnings from IAN and the owners of Sirona and The Moms Co., saw the departure of Good companies Co. CEO Sukhleen Aneja, listed several companies for sale, and performed multiple rounds of layoffs.
Sirona Business
Sirona, founded in 2014, focuses on feminine hygiene products with the goal of meeting hidden and neglected hygiene requirements. 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 Delhi-based firm became a unicorn in 2021 with a $250mn funding round. Last month, The Good Glamm Group saw the exit of key representatives, including Anand Daniel (Accel Partners), Vishal Gupta (Bessemer), and Gaurav Kothari (Prosus Ventures), who resigned as independent directors.
Sirona Acquisition
The Good Glamm Group used a mix of direct and secondary purchases to invest Rs 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. Good Glamm Group received a notice from Sirona's founders regarding the delay.
In March 2024, Good Glamm Group, led by founder and CEO Darpan Sanghvi, raised $30mn from its current investors, which included Warburg Pincus, Prosus Ventures, Bessemer, and Accel. Raised at a flat valuation, the money was intended for working capital and to help with a bigger investment round that hasn't happened yet. This funding round and internal resources provided the initial funding for the purchase of Sirona.
