The early backers of Sirona, which makes feminine hygiene products including menstrual cups, have exited while Good Glamm has committed a further Rs 100 crore ($13.5 million) of primary investment in the company, Darpan Sanghvi, founder and chief executive of The Good Glamm Group, told ET in an exclusive interview.
“Over the next three years, Good Glamm will complete the purchase of further stake to gain 100% control over the entity,” Sanghvi said.
Good Glamm Group
recently raised $150 million in a funding round led by Prosus (formerly Naspers) to enter the coveted unicorn club of privately held companies worth at least $1 billion. It counts funds such as Warburg Pincus, L’Occitane, Bessemer Venture Partners, Accel, Amazon, and Ascent Capital, as among its investors.
Sirona, founded in 2014 by Deep and Mohit Bajaj, makes menstrual hygiene products, including herbal pain relief patches, degradable sanitary pads and menstrual cup kits. It also offers a stand-and-pee device for women called PeeBuddy. In April, the company raised $3 million in a Series A funding round co-led by NB Ventures and IAN Fund.
Sirona has been profitable for the last three years.
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“We are growing steadily and are currently clocking Rs 75 crore of revenue run rate,” said Deep Bajaj, founder and CEO of Sirona Hygiene. The company aims to reach Rs 500 crore in revenues within three years.
“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.
With this acquisition, Good Glamm will enter the female hygiene segment and is looking to grow it further. It has acquired five brands—
The Moms Co,
MissMalini Entertainment—since the beginning of the year.
The company is clocking an annualised revenue run rate of $150 million.
“We are expected to close the financial year ending March 31, 2022, at $250 million in revenue,” Sanghvi told ET last week when it acquired MissMalini Entertainment, a celebrity and influencer talent management network.
New-age, digital-first personal care and beauty brands such as Purplle, Sugar Cosmetics, Mamaearth and Plum Cosmetics have attracted the interest of risk investors while the largest player, Nykaa,
listed last month at a market capitalisation of more than Rs 1 lakh crore. The Covid-19 pandemic has boosted the business of online-led brands as it has hastened digital adoption by consumers and led them to increasingly buy these products.