SUMMARY
- The Good Glamm Group acquires Sirona Hygiene for ₹450 crore ($60M), one of India’s largest femtech deals.
- Sirona co-founders resign, while employees gain through accelerated ESOP vesting from the transaction.
- The firm plans to IPO by Diwali 2025, claiming 251% CAGR between FY21 and FY23.
The Good Glamm Group, a content-to-commerce firm has successfully closed an all-cash agreement to acquire Sirona Hygiene for ₹450 crore, or roughly $60 million. Particularly in the femtech space, this deal is one of the biggest cash outflows for an Indian direct-to-consumer firm.
As a result of this transaction, Sirona’s co-founders Deep and Mohit Bajaj have resigned from their posts as active directors, joining them in their prior resignation from active duties earlier this year.
The Good Glamm Group claimed in a press statement that Sirona’s employees have also profited from the transaction through accelerated ESOP vesting, which has led to early financial gains. The Moms Co, Indian Angel Network (IAN), and the co-founders of Sirona allegedly filed a default notice against The Good Glamm Group for neglecting to complete the last payments associated with the acquisition agreement.
Deep Bajaj and Mohit Bajaj co-founded Sirona in 2015. The startup offers items for women from puberty to menopause. It is known for creating ground-breaking products like the stand-and-pee PeeBuddy for women, the first herbal period pain patches in India, a wide variety of menstruation cups, period stain removers, anti-chafing rash creams, and sanitary disposal bags.
The company just launched the GlammSOP program for high-performing employees, which offers accelerated ESOP vesting at the IPO time. The company hopes to go public by Diwali 2025.
The Good Glamm Group made primary and secondary investments totaling ₹100 crore ($12 million) in Sirona in 2022. This investment yielded substantial returns for early angel and seed investors, ranging from 6X to 20X. Since then, Sirona says that its revenues have tripled in a few 24 months.
With a $250 million fundraising round that made it a unicorn in 2021, the Delhi-based firm asserts that it is the fastest-growing consumer internet company, with a CAGR of 251% between FY21 and FY23. It raised $30 million more in a fresh round earlier this year.
