WLDD In Talks To Acquire ScoopWhoop From Good Glamm Group

SUMMARY

WLDD, which has already submitted a term sheet to Good Glamm Group, is currently conducting due diligence with regards to the deal

GGG is looking to sell ScoopWhoop for INR 18 Cr to INR 20 Cr even though the content-to-commerce unicorn acquired the digital media platform for INR 100 Cr in 2021

This comes days after the troubled content to commerce unicorn sold Sirona Hygiene back to its original founders as the group looks to manage its financial obligations

Marketing company Wubba Lubba Dub Dub (WLDD) is reportedly in talks to acquire digital media platform ScoopWhoop from cash-strapped The Good Glamm Group (GGG).

“WLDD has given a term sheet, and currently, due diligence is being carried out,” Livemint quoted a source as saying.

Another person privy to the development reportedly said that GGG is looking to sell ScoopWhoop for INR 18 Cr to INR 20 Cr even though the content-to-commerce unicorn acquired the digital media platform for INR 100 Cr in 2021.

As per the report, the Darpan Sanghvi-led company plans to use the proceeds from the sale of the digital media vertical to meet some of its payment obligations, including employee salaries and vendor payouts.

Meanwhile, GGG is also said to be fighting a lawsuit by the original founders of ScoopWhoop over non-payment of the promised payouts, including a second tranche of cash consideration and equity upside.

GGG declined to comment on the development. Inc42 has also reached out to WLDD and the story will be updated based on the responses.

This comes days after the troubled content to commerce unicorn sold Sirona Hygiene back to its original founders as the group looks to manage its financial obligations.

Earlier, it was reported that the buyback would primarily be financed through Sirona cofounders Deep Bajaj and Mohit Bajaj’s personal capital and would also include the repayment of debts incurred during Sirona’s time under GGG.

In the past year, GGG has been dousing fires on multiple fronts despite making claims of profitability, IPO plans, and global expansion. However, the reality appears to be far from its optimistic projections.

The CEO of Good Brands Co., Sukhleen Aneja, stepped down from her role last year. Besides, with an eye on keeping itself afloat, GGG has put several of its brands up for sale and undertaken multiple rounds of layoffs.

Due to the worsening cash crunch, the company, in January, reportedly delayed the salaries of its employees.

The company, in its current form, came about in September 2021 after the merger of MyGlamm, POPxo, and BabyChakra. Since then, it has acquired nearly a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona.

It focuses on producing and selling personal care and beauty products, using a strategy that combines content creation with ecommerce to promote its offerings.