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Sirona founders, IAN withdraw default notices against Good Glamm Group

LivemintLivemint · 9m ago
Sirona founders, IAN withdraw default notices against Good Glamm Group
Medial

- Good Glamm Group has completed the acquisition of women's wellness brand Sirona Hygiene for ₹450 crore ($60 million) in an all-cash deal. - Founders of Sirona Hygiene and investor IAN previously filed default notices against Good Glamm Group for non-payment of dues, but the notices have now been withdrawn after an agreement was reached for pending payments. - Good Glamm Group invested ₹100 crore in Sirona in 2022 and is said to have earned substantial returns for early investors. - Sirona has tripled its revenues in the past 24 months and recently acquired the direct-to-consumer brand Impower. - Good Glamm Group operates across multiple verticals and is backed by investors such as Warburg Pincus, Prosus Ventures, and Amazon.

The Good Glamm Group raises $30 Mn in a new round

EntrackrEntrackr · 1y ago
The Good Glamm Group raises $30 Mn in a new round
Medial

Content-to-commerce company The Good Glamm Group has raised Rs 245.5 crore (approximately $30 million) in a bridge round from the existing investors via right issue. This is the first major infusion in the Delhi-based company after its Series D round in November 2021. The board at Good Glamm has passed the special resolution to allot 1,832 preference shares at an issue price of Rs 13,40,000 each to raise Rs 245.5 crore or $30 million, its regulatory filing sourced from RoC shows. Warburg Pincus led the round with Rs 129 crore while Prosus pumped in Rs 95.73 crore. Bessemer India and Accel Partners also participated with Rs 12.46 crore and Rs 8.31 crore, respectively. Good Glamm will use these proceeds to meet the working capital requirements and activities of the company, as per the business plan approved by the board and mentioned by the firm in the filings. The nine-year-old firm gave an offer to other existing shareholders to participate in the ongoing round, a separate filing from January shows. Good Glamm Group is likely to raise more money in this round. According to the startup data intelligence platform TheKredible, the Good Glamm Group has been valued at around $1.26 billion post this tranche. It was anticipated that the firm’s valuation would go down in the new round but its valuation remained unchanged. Founded by Darpan Sanghvi, and later joined by Priyanka Gill and Naiyya Saggi, the Good Glamm Group is a content-creator commerce conglomerate that comprises a portfolio of innovative and fast-growing direct-to-consumer beauty and personal care brands, powered by its proprietary digital ecosystem of content and creator assets. Before this bridge round, L’Occitane International was the largest external stakeholder in the firm with 15.67% followed by Bessemer India, Warburg Pincus, and Prosus with 14.09%, 8.17%, and 7.60% respectively. See TheKredible for the complete shareholding. While the company is yet to file its financial results for FY23, its top line crossed Rs 250 crore with almost a 5X year-on-year surge in FY22. Its losses also jumped to Rs 273 crore in the same period.

WLDD in talks to acquire ScoopWhoop from The Good Glamm Group

EntrackrEntrackr · 5m ago
WLDD in talks to acquire ScoopWhoop from The Good Glamm Group
Medial

Marketing company Wubba Lubba Dub Dub (WLDD) is in talks to acquire the digital media platform ScoopWhoop from The Good Glamm Group (GGG). Livemint, which first reported the development, stated that WLDD has issued a term sheet, and due diligence is currently in progress. The report also mentioned that The Good Glamm Group is planning to sell ScoopWhoop for Rs 18-20 crore. It’s worth noting that ScoopWhoop was acquired by The Good Glamm Group in a deal worth around Rs 100 crore in October 2021. The Good Glamm Group declined to comment on the story. Last week, Sirona repurchased its brand from The Good Glamm Group to operate independently. According to sources, the buyback occurred at a significantly lower price than the original acquisition deal. The Darpan Sanghvi-led company may allocate proceeds from selling its digital media vertical to cover salaries, vendor payouts, and other payment obligations. Over the past year, Good Glamm has struggled financially, experiencing salary delays and layoffs. Media reports indicate that the group is now negotiating a funding round at a substantially lower valuation. The Delhi-based firm became a unicorn in 2021 with a $250 million funding round. Since then, it has raised $30 million in a bridge round in March last year. Last month, The Good Glamm Group witnessed the exit of key representatives, including Anand Daniel (Accel Partners), Vishal Gupta (Bessemer), and Gaurav Kothari (Prosus Ventures), who resigned as independent directors. In January 2024, Priyanka Gill, co-founder of The Good Glamm Group, also decided to step down from her active role at the New Delhi-based company.

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