Good Glam Group on Friday announced that it has completed the acquisition of Sirona Hygiene for Rs 450 crore (approximately $60 million) in an all cash deal. This, it added, marks one of the largest cash exits for a direct-to-consumer (D2C) startup in India, especially in the FemTech space. The acquisition would benefit Sirona’s employees through accelerated ESOP vesting, resulting in early financial gains.The founders of Sirona, Deep Bajaj and Mohit Bajaj had stepped down from their active roles earlier this year and have now resigned as active directors too.
Sirona Hygiene was founded in 2014-15 by Deep and Mohit Bajaj. The brand is known for its innovation in women health by introducing products such as PeeBuddy, India’s first stand-and-pee device for women, herbal period pain patches, exhaustive menstrual cups range, period stain removers, anti-chafing rash creams, sanitary disposal bags and many other products.
Darpan Sanghvi, Group Founder and CEO, Good Glamm Group, said, “Deep and Mohit’s unwavering trust in Good Glamm Group’s vision has been instrumental in this acquisition. We share a common goal of empowering women through innovative and accessible health solutions. With Sirona’s pioneering spirit and our collective resources, we are excited to elevate the brand to new heights, creating a lasting impact on women’s wellness globally through innovative solutions and products.”
Good Glam Group had, earlier in 2022, invested Rs 100 crore in Sirona Hygiene, through primary and secondary investments, delivering substantial returns of 6x to 20x for early angel and seed investors. After that, the company has increased its revenue three times in a span of 2 years.
Deep Bajaj, Co-founder, Sirona, said, “From PeeBuddy, now used by over 3 million women, to Sirona Menstrual Cups, used by 4 million women as a pad alternative, we’ve built India’s highest-selling D2C feminine hygiene brand. It hasn’t been an easy road—bootstrapping, overcoming fundraising challenges, breaking taboos, and dealing with copycats – we have seen it all. This all-cash acquisition feels like validation for all the hard work. While it’s difficult to part with something we are so deeply connected to, Good Glamm is the ideal partner to take Sirona to the global stage.”
Sirona has smoothly integrated technology with its products, and launched a period tracker and built a vibrant online community through its app. The company also focused on feminine hygiene accessibility, installing feminine hygiene vending pods at Delhi airports. The brand also acquired IMpower, a women’s safety pepper spray brand and BLEU, a vegan condom brand.