Good Glamm Group completes acquisition of Sirona for Rs 450 Cr
The group had invested Rs 100 crore in Sirona through primary and secondary investments by giving substantial returns of 6x to 20x for early angel and seed investors in 2021.
Good Glamm Group on Thursday completed the acquisition of feminine hygiene brand, Sirona Hygiene for Rs 450 crores in an all-cash deal, it said in a press note.
The group had invested Rs 100 crore in Sirona through primary and secondary investments by giving substantial returns of 6x to 20x for early angel and seed investors in 2021. It was also one of the largest amounts invested in a Series B round for a DTC female hygiene startup. Sirona tripled its revenues in just 24 months after funding.
Sirona founders Deep Bajaj and Mohit Bajaj had stepped down from their active role early this year, and have now resigned as active directors as well. The transaction also provided windfall benefits to Sirona’s employees through accelerated ESOP vesting.
“With Sirona's pioneering spirit and our collective resources, we are excited to elevate the brand to new heights, creating a lasting impact on women's wellness globally through innovative solutions and products,” noted Darpan Sanghvi, Group Founder and CEO, Good Glamm Group.
The company offers a range of products including herbal period pain patches, exhaustive menstrual cups range, period stain removers, anti-chafing rash creams, sanitary disposal bags among other feminine hygiene and wellness products.
This comes after earlier in the year, some portfolio companies of Good Glamm Group including Sirona filed default notices against the content-to-commerce platform claiming that the Good Glamm Group did not make the final payments due to them.
Edited by Jyoti Narayan