Content-to-commerce firm Good Glamm Group has completed the acquisition of women’s wellness brand Sirona Hygiene for ₹450 crore ($60 million) in an all-cash deal, months after Sirona’s founders and investor IAN filed default notices to Good Glamm Group’s board citing non-payment of dues.
The legal notices have now been withdrawn after Good Glamm signed an agreement with Sirona founders and IAN to make pending payments in accordance with the new timelines, Sirona’s founder Deep Bajaj confirmed to Mint.
“We have received some payments and are hoping to receive the remaining tranches in line with the stipulated timelines,” Bajaj said.
In April, Mint had reported that the founders of Sirona Hygiene and The Moms Co., as well as the Indian Angel Network (IAN), filed default notices against Good Glamm Group which had acquired the two companies in 2021, alleging that Good Glamm has not paid the final amounts due to them.
Founders Deep Bajaj and Mohit Bajaj had stepped down from their active roles early this year and have now also resigned as active directors.
Good Glamm said in a statement on Friday that the acquisition provided “windfall benefits” to Sirona’s employees through accelerated employee stock ownership plan (Esop) vesting.
In 2022, the Good Glamm Group invested ₹100 crore in Sirona through primary and secondary investments and is said to have earned substantial returns of 6x to 20x for early angel and seed investors. Since then, Sirona has tripled its revenues in just 24 months, according to Good Glamm.
Most recently, Sirona acquired the direct-to-consumer brand Impower for an undisclosed amount, marking its entry into the women’s safety segment.
The Good Glamm Group is backed by marquee investors such as Warburg Pincus, Prosus Ventures, L’Occitane, Bessemer Venture Partners, Accel, Amazon, Stride Ventures, Trifecta Capital, Ascent Capital, Alteria Capital, Tano Capital and the Mankekar Family Office. The company raised $30 million in March from existing investors.
Good Glamm operates across multiple verticals. The Good Brands Co. comprises beauty and personal care brands such as MyGlamm, St Botanica, The Moms Co., Organic Harvest and Sirona, while The Good Media Co. includes POPxo, ScoopWhoop, MissMalini, BabyChakra and Tweak India. The Good Creator Co. serves as an influencer platform alongside The Good Community.
Mint had earlier reported that the Good Glamm Group, a beauty products and content company, had slashed marketing expenditure, withdrawn discounts and downsized its workforce over the past year to achieve profitability ahead of its planned public market debut in 2025.
The company has also seen a series of exits this year. Sukhleen Aneja, chief executive officer of The Good Brand Co., part of the Good Glamm Group, is set to leave in July. Earlier this year, Priyanka Gill, co-founder in charge of the group’s media business, left to join early-stage venture capital firm Kalaari Capital.
“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. While it’s difficult to part with something we are so deeply connected to, Good Glamm is the ideal partner to take Sirona to the global stage,” Bajaj added.
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