Darpan Sanghvi (Left) and Deep Bajaj (Right)
Beauty and personal care conglomerate Good Glamm Group has completed the acquisition of Sirona Hygiene for Rs 450 crore (around $60 million) in an all-cash deal, marking one of the largest direct-to-consumer (D2C) startup ventures in India, particularly in the FemTech space .
Co-founders Deep Bajaj and Mohit Bajaj stepped down from their original roles this year and have now stepped down as active directors, paving the way for a new chapter in Sirona’s journey.
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Darpan Sanghvi, group founder and CEO, Good Glamm Group said the trust of Sirona’s founders in the vision of Good Glamm Group contributed to this acquisition.
“We share a common goal of empowering women through innovative and affordable health solutions,” Sanghvi said.
Valued at over Rs 450 crore, the group said the deal reinforces the confidence the market has in Sirona’s new approach. The transaction also provided windfall benefits to Sirona employees through an accelerated ESOP (employee stock ownership plan), resulting in early capitalization.
Established in 2014-15, Sirona offers a range of products that cater to women from puberty to menopause. The brand introduced innovations such as PeeBuddy, a female pee device and products such as herbal period pain relievers, a range of menstrual cups, period stain removers, anti-pee rash creams and sanitary napkins.
“From PeeBuddy, now used by over three million women, to Sirona menstrual cups, used by four million women as a pad alternative, we have built India’s best-selling D2C feminine hygiene brand,” said Deep.
“It hasn’t been an easy road – closing a thread, overcoming fundraising challenges, breaking rules, and dealing with copycats – we’ve seen it all. “This realization of all the money feels like a validation of all the hard work,” said Deep.
In 2022, Good Glamm Group invested Rs 100 million in Sirona through primary and secondary investments, delivering a whopping 6x to 20x return to initial and seed investors. Since then, Sirona has tripled its revenue in just 24 months. Their organization Sirona Foundation also taught more than 100,000 girls about the importance of menstrual hygiene and donated more than 10,000 cups to women in need during this time.
Sirona has technology seamlessly integrated into its products, launching India’s first WhatsApp era tracker and building a vibrant online community through its app. It has also taken strong steps to improve access to feminine hygiene, installing pods selling feminine hygiene at the Delhi airport. It also acquired IMpower, a female safety pepper spray brand, and India’s first vegan condom brand, BLEU.
“Building Sirona was not easy — there were times of struggle, doubt, and difficulty. But through all of that, what has driven us forward is our constant belief in our mission and the trust of those who stood with us,” said Mohit about this agreement. “This is a wonderful moment and a proud vindication of a decade of work.”
First published: October 11 2024 | 12:49 AM IST
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