In an all-cash deal worth ₹ 100 crores, the owner of MyGlamm brand of beauty and personal care products, Good Glam Group, has acquired an undisclosed majority stake in feminine hygiene startup Sirona.
The early backers of Sirona, which makes feminine hygiene products including menstrual cups, have exited while Good Glamm has committed a further ₹ 100 crore ($13.5 million) of primary investment in the company, Darpan Sanghvi, founder and chief executive of the Good Glamm Group said.
“Over the next three years, Good Glamm will complete the purchase of further stake to gain 100 per cent control over the entity,” Sanghvi said.
Sirona makes herbal pain relief patches, menstrual cup kits. menstrual hygiene products and degradable sanitary pads and was founded in 2014 by Deep and Mohit Bajaj. For women, it offers PeeBuddy, a stand-and-pee device.
“We are growing steadily and are currently clocking ₹ 50 crores of revenue run rate,” said Deep Bajaj, founder and CEO of Sirona Hygiene. Within three years the company aims to reach ₹ 500 crore revenues.
“The content to commerce playbook that Good Glamm has will unlock significant value in this segment, which continues to be underserved and holds a lot of growth potential. We believe with content and influencer networks, the women’s hygiene category can grow exponentially,” Sanghvi said.
“We are expected to close the financial year ending March 31, 2022, at $250 million in revenue,” Sanghvi said last week.
Digital-first personal care new-age beauty brands have attracted the interest of risk investors. Covid-19 has boosted the business of online brands and has increased digital adoption by consumers.
