Full circle: Founders buy back Sirona from Good Glamm Group
The Good Glamm Group has sold Sirona back to its founders for an undisclosed amount, as it navigates mounting debts, investor departure, and liquidity crunches.
Femtech startup Sirona founders Deep Bajaj and Mohit Bajaj have bought back their company from the Good Glamm Group for an undisclosed amount.
The deal is estimated to be valued around Rs 150 -180 crore and would help the Good Glamm Group to reduce its debt, which currently stands above Rs 500 crore, according to a person familiar with the matter.
"The goal was never just to sell, make money, and move on. From day one, the vision was to scale Sirona and take it global. For two years, we nurtured the brand with Good Glamm before stepping away. We had a good run together, with its highs and lows. But with Good Glamm’s changing priorities, we felt the best way forward was to reclaim the brand and lead its next phase of growth ourselves," Bajaj said in a post on LinkedIn on Tuesday.
The buyback comes as Good Glamm Group navigates liquidity crunches, investor departure, and mounting debts. The severe cash crunch has prompted the company to consider raising fresh funds at sharply lower valuations, triggering the exit of three of its directors from Accel India, Prosus, and Bessemer Venture Partners.
The Arc first reported on the development.
The Darpan Sanghvi-led Good Glamm Group had acquired Sirona for Rs 450 crore in an all-cash deal in October last year. The House of Brands company had invested Rs 100 crore in Sirona through primary and secondary investments by offering substantial returns of 6X to 20X for early angel and seed investors in 2021.
Sirona offers herbal period pain patches, menstrual cups, period stain removers, anti-chafing rash creams, and sanitary disposal bags through quick commerce, ecommerce, and its own D2C platform.
Over the years, the Good Glamm Group has acquired several D2C beauty and personal care brands, including Sirona, MomsCo, and Organic Harvest. However, it has faced difficulties meeting financial commitments to the founders and investors of these acquisitions. The company has also delayed its salary payments for December, YourStory reported earlier.
Edited by Suman Singh
