[Funding alert] Sirona Hygiene raises Rs 100 Cr led by The Good Glamm Group
Sirona Hygiene has raised Rs 100 crore (approximately $13.5 million) in funding by The Good Glamm Group. With this funding, the early investors in Sirona get a 6x to 20x exit from the company.
After announcing the acquisition of Miss Malini,on Tuesday announced it has invested Rs 100 crore in Delhi-based . With this funding, Sirona's early investors have taken exit with 6x to 20x returns, Deep Bajaj, Founder and CEO, told YourStory.
This is also one of the largest amounts invested in a Series B round for a DTC female hygiene startup. The Good Glamm Group, founded by Darpan Sanghvi, Priyanka Gill, and Naiyya Saggi, will be investing an additional Rs 100 crore over the next two years in the brand.
"Not only have we invested in Sirona, Deep has also invested in the Good Glamm Group in his personal capacity. While the amount of funding in the Good Glamm Group is undisclosed, I can say the amount is sizeable. There is a partnership and synergy between the brands and their founders. It isn't a regular investor-investee relationship," said Darpan Sanghvi, Co-founder and Group CEO, The Good Glamm Group.
This strategic investment from the Good Glamm Group marks its entry into the hygiene category. In addition to raising fresh capital, Sirona will use the Group’s proprietary digital assets to reach out to and educate women on the issues around feminine hygiene — this includes POPxo, ScoopWhoop, BabyChakra, and Plixxo.
"Sirona is already has a Rs 75 crore run rate, and Deep and I have a strong vision of how we can get it to a Rs 500 crore run rate. This isn't easy in the menstrual hygiene category, especially with Sirona working to disrupt the category," said Darpan.
In addition to this unparalleled digital reach, Sirona will leverage the Group’s 30,000 offline retail points of sale to distribute their intimate hygiene products. Sirona will also be able to use the Group’s deep expertise in DTC growth, new product development and technology and data science.
In a conversation with YourStory, Deep said, "Our aspiration is to keep disrupting in the category. We have had a strong alignment on values. It is not like we did not have the option to raise funding. We had multiple term sheets. But we wanted people who believe in the problem. Darpan's vision to disrupt his space and our vision aligned. We have been growing at 100 percent year on year. But the last two quarters have been interesting for us. We will be closing a Rs 100 crore run rate soon."
Darpan said Sirona solves for real-world problems and when it comes to femtech, he believes that content and education can create a significant change. Brands that come under the Good Glamm Group umbrella are MyGlamm, POPxo, BabyChakra, The Moms Co, ScoopWhoop, St Botanica, and Sirona Hygiene.
These brands are able to leverage the Group’s large digital audience comprising 88 million POPxo annual users, 220,000 Plixxo influencers, 100 million users of ScoopWhoop, and Baby Chakra’s 20 million mothers community and 10,000 doctors network.
Edited by Kanishk Singh