The Good Glamm Group has successfully concluded its acquisition of Sirona Hygiene for ₹450 crore (approximately $60 million) in an all-cash transaction. This acquisition marks one of the most significant cash exits for a direct-to-consumer startup in India, particularly in the growing femtech industry.
As part of this transition, Deep Bajaj and Mohit Bajaj, co-founders of Sirona, resigned from their active roles earlier this year and have now also stepped down from their positions as directors.
The acquisition has also provided a boost to Sirona’s employees through accelerated ESOP vesting, allowing them to enjoy early financial benefits, according to a press release from The Good Glamm Group.
However, it’s noteworthy that the co-founders of Sirona, along with The Moms Co and the Indian Angel Network (IAN), have filed a default notice against The Good Glamm Group, alleging non-payment of final amounts due under the acquisition agreement.
Founded in 2015, Sirona specializes in creating products tailored for women’s health needs, ranging from puberty to menopause. The brand is known for innovative products such as PeeBuddy, a stand-and-pee device for women, and India’s first herbal period pain patches. Additionally, their product line includes menstrual cups, period stain removers, anti-chafing rash creams, and sanitary disposal bags, all designed to redefine the categories they serve.
In 2022, The Good Glamm Group invested ₹100 crore ($12 million) in Sirona through a combination of primary and secondary funding, yielding impressive returns for early angel and seed investors—ranging from 6x to 20x. Since that investment, Sirona has reported tripling its revenue in just 24 months.
Moreover, Sirona has expanded its portfolio by acquiring several startups, including IMpower, a brand focused on women’s safety with its pepper spray product, and BLEU, which offers India’s first vegan condom. Alongside Sirona, The Good Glamm Group boasts a robust portfolio of leading direct-to-consumer beauty and personal care brands, including MyGlamm, The Moms Co, Organic Harvest, St Botanica, and WYN Beauty by Serena Williams.
The Delhi-based Good Glamm Group achieved unicorn status in 2021 following a funding round of $250 million and claims to be the fastest-growing consumer internet company, with a compound annual growth rate (CAGR) of 251% between FY21 and FY23. Earlier this year, it raised an additional $30 million in a new funding round.
Looking ahead, the company aims to go public by Diwali 2025 and has recently launched the GlammSOP program, which offers high-performing employees accelerated ESOP vesting in connection with the upcoming IPO.