Acquisition By The Good Glamm Group, Purchases Remaining Stakes In Femtech Startup Sirona For INR 450 Cr

Manvendra HadaOctober 11, 2024

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Three points you will get to know in this article:

Good Glamm Group closed the acquisition at INR 450 crore for the remaining 49.42% ownership in the company.
This deal delivered an all-cash exit to cofounders Deep and Mohit Bajaj
In 2021, Good Glamm acquired a 41.15% stake in the femtech startup Sirona for INR 100 crore.

Good Glamm Group Announces Complete Acquisition of D2C Feminine Hygiene Startup Sirona

The Good Glamm Group, which acquired a majority investment in D2C feminine hygiene firm Sirona two years ago, has now announced the company’s total takeover.

According to a statement, content-to-commerce completed the transaction for the remaining 49.42% interest in the company for INR 450 crore ($60 million), providing founders Deep and Mohit Bajaj with an all-cash exit.

Good Glamm Group’s History of Ownership In Sirona

Notably, the Good Glamm Group last invested INR 100 crore in Sirona in December 2021, through both primary and secondary investments. This investment was made with a 41.15% ownership in Sirona.

The corporation later boosted its shareholding in the femtech venture to 50.58% at the end of FY23 for an undisclosed sum.

Interestingly, both cofounders stepped aside from active positions at Sirona early this year. The latest agreement will result in the cofounders resigning from their positions as active directors.

Furthermore, according to The Good Glamm Group, the deal will assist Sirona’s employees through faster ESOP vesting.

“It hasn’t been easy—bootstrapping, overcoming financing hurdles, breaching taboos, and dealing with copycats—but we have seen it all. “This all-cash acquisition feels like validation for all of our hard work,” Deep remarked.

Sirona Products, Revenue, Profit

Sirona was founded in 2015 and distributes feminine hygiene goods such as herbal pain relief patches, period stain remover, oxo-biodegradable sanitary napkins, and menstruation cups.

The femtech startup claims to have tripled its revenue since 2022. Meanwhile, Sirona is yet to report financial results for fiscal year 2023-24.

In its most recent financial statement with the MCA, the feminine hygiene startup’s net loss increased 97% to INR 33.10 Cr in FY23 from INR 16.83 Cr the previous fiscal year. Operating revenue increased 81% to INR 75.28 crore during the fiscal year under review, from INR 41.51 crore in FY22.

The Good Glamm Group’s net losses increased by 153% to INR 917 crore in FY23, from INR 362.5 crore in FY22. In FY23, the startup’s revenue climbed by 2.8 times, with operational revenue of INR 603 crore, up 185% year on year.