The Good Glamm Group finalised the deal at INR 450 Cr for the remaining 49.42% stake in the company, giving an all-cash exit to cofounders Deep and Mohit Bajaj
In 2021, the content-to-commerce major picked up 41.15% stake in the femtech startup for INR 100 Cr via primary and secondary investments
Founded in 2015, Sirona sells female hygiene products such as herbal pain relief patches, period stain remover, sanitary napkins and menstrual cups
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Two years after acquiring a majority stake in D2C feminine hygiene startup Sirona, content-to-commerce major The Good Glamm Group has now announced the complete acquisition of the startup.
In a statement, the company said that content-to-commerce finalised the deal at INR 450 Cr ($60 Mn) for the remaining 49.42% stake in the company, giving an all-cash exit to founders Deep and Mohit Bajaj.
Notably, The Good Glamm Group last invested INR 100 Cr in Sirona in December 2021 through primary and secondary investments. This investment was made against a 41.15% stake in Sirona.
The company later further increased its stake in the femtech startup to 50.58% by the end of FY23 for an undisclosed amount.
Interestingly, both the cofounders stepped down from their active roles in Sirona earlier this year. The latest deal will see the cofounders resign from their respective roles as active directors.
Besides, per The Good Glamm Group, the transaction will benefit Sirona’s employees through accelerated ESOP vesting.
“It hasn’t been an easy road—bootstrapping, overcoming fundraising challenges, breaking taboos, and dealing with copycats – we have seen it all. This all-cash acquisition feels like validation for all the hard work,” Deep said.
Founded in 2015, Sirona sells female hygiene products such as herbal pain relief patches, period stain remover, oxo-biodegradable sanitary napkins and menstrual cups.
The femtech startup is said to have tripled its revenues since 2022. Meanwhile, Sirona is yet to disclose financial results for fiscal 2023-24 (FY24).
In its last financial filing with the MCA, the feminine hygiene startup’s net loss went up 97% to INR 33.10 Cr in FY23 from INR 16.83 Cr a fiscal ago. Operating revenue grew 81% to INR 75.28 Cr during the fiscal under review from INR 41.51 Cr in FY22.
As for the Good Glamm Group, net losses ballooned to INR 917 Cr in FY23, up 153% from the INR 362.5 Cr it incurred in FY22. The startup’s revenue increased 2.8X in FY23 and operating revenue stood at INR 603 Cr, up 185% YoY.
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