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 (about $60 million) in an all-cash deal, marking one of the largest cash exits for a direct-to-consumer (D2C ) startup in India, especially in the FemTech space.
Co-founders Deep Bajaj and Mohit Bajaj had stepped down from their active roles early this year and have now also resigned as active directors, paving the way for a new chapter in Sirona’s journey.
Click here to contact us via WhatsApp
Darpan Sanghvi, Founder and CEO of Good Glamm Group, says the confidence of Sirona’s founders in Good Glamm Group’s vision played a major role in this acquisition.
“We share a common goal: empowering women through innovative and accessible health solutions,” Sanghvi said.
The group, valued at over Rs 450 crore, said the deal reinforces the confidence the market has in Sirona’s innovative approach. The transaction also generated windfalls for Sirona employees through accelerated ESOP (Employee Stock Ownership Plan) vesting, which quickly led to financial gains.
Founded in 2014-2015, Sirona offers a range of products for women from puberty to menopause. The brand has introduced innovations such as PeeBuddy, a stand-and-pee device for women and products such as herbal patches for menstrual pain, an extensive range of menstrual cups, menstrual stain removers, chafing rash creams and hygienic waste bags.
“From PeeBuddy, now used by over 3 million women, to Sirona menstrual cups, used by 4 million women as an alternative to sanitary pads, we have built India’s best-selling D2C feminine hygiene brand,” said Deep.
“It hasn’t been an easy road – starting up, overcoming fundraising challenges, breaking taboos and dealing with copycats – we’ve seen it all. This all-cash acquisition feels like a validation of all the hard work,” said Deep.
In 2022, Good Glamm Group invested Rs 100 crore in Sirona through primary and secondary investments, delivering substantial returns of 6x to 20x for early angel and seed investors. Since then, Sirona has tripled its turnover in just 24 months. Their pay it forward arm Sirona Foundation has also educated more than 100,000 girls on the importance of menstrual hygiene and donated more than 10,000 cups to women in need during this period.
Sirona has seamlessly integrated technology into its products, launching India’s first WhatsApp period tracker and building a vibrant online community through its app. It has also taken bold steps to improve accessibility to feminine hygiene by installing feminine hygiene vending machines at Delhi airport. It also acquired IMpower, a safety pepper spray brand for women, and India’s first vegan condom brand, BLEU.
“Building Sirona was not easy; there were moments of struggle, doubt and hardship. But what kept us going through it all was the unwavering belief in our mission and the trust of those who supported us,” Mohit said of the deal. “This moment is both bittersweet and a proud confirmation of ten years of work.”
First publication: October 11, 2024 | 12:49 pm IST