“We had moved on, but when we saw that Sirona, a brand we had built with so much love, was at the point of being divested by the Good Glamm Group, we had to get it back. So we took a leap of faith,” says Deep Bajaj, co-founder Sirona, on the brand’s buyback after just four months of sale, in an exclusive interaction with FE.
Bajaj, with co-founder Mohit Bajaj, sold Sirona, a female hygiene brand, to Good Glamm Group in October 2024. However, Sirona’s slide was fairly quick, mainly due to financial issues at Good Glamm’s end. Revenues reportedly dropped from over ₹100 crore in FY24 to ₹2 crore in December 2024.
“A lot changed at Good Glamm’s end, and there were challenges, especially around inventory supply, with Sirona. The brand had slowed down for various reasons. And when we saw it was available, we felt there was still unfinished business. Sirona was created to solve real problems for women, and we believed we could bring it back to its core and scale it again,” Bajaj tells FE.
Instead of commenting on the revenue numbers, he says: “Businesses go through cycles. Like any transition of this scale, there were ups and downs. Some decisions worked well, some didn’t. That’s just the nature of business.”
Trouble had begun well before the actual sale, and Bajaj and his partner had sent legal notices to Good Glamm over payment default in April 2024. So why did they go ahead with the sale? “We had an agreement in place under which we handed over a well-performing brand to Good Glamm after receiving a majority of the upfront payment. However, as with many deals, there were delays in completing the transaction. Eventually, we found common ground and resolved things amicably,” he says, adding, “At the end of the day, we’re founders — we build businesses to solve real problems. Our first instinct is never to get into legal battles but to find solutions. That’s exactly what we did.”
Bajaj says once they exited Sirona in late 2024, they had mentally moved on. “Mohit and I weren’t involved in operations after November, and our role shifted to ensuring a smooth transition, supporting Good Glamm in due diligence, and finalising the remaining formalities. The buyback wasn’t something we planned. But when the opportunity came, it just felt right. Some brands are built with numbers in mind, and others with heart. Sirona was always the latter, and when we saw a chance to bring it back to its original vision, we couldn’t ignore it.”
So, what does Sirona 2.0 look like? “For us, it is about going back to the basics—focusing on problem-solving, innovation, and customer trust. If we do that right, scale will follow. That said, we do have some milestones in mind: we’re aiming for a ₹200-crore run rate within a year and ₹500 crore in revenue in three years. But more than just numbers, we want Sirona to remain a brand that truly makes a difference in women’s lives. That’s what drives us,” says Bajaj.
And, they plan to revive the brand with their own money, for now. The sale in October was for Rs 450 crore, while the buyback, including debt, was around Rs 150 crore. Both partners had also started investing in start-ups as early as 2022 with around 50 investments. “Post-November 2024, I got more involved with some of them, particularly 5-6 where we had a larger stake. The angel investing journey has been incredible—it exposed us to new categories, passionate founders, and different ways of scaling businesses,” says Bajaj.
He rules out any new direction for Sirona for now, like introducing men’s products, saying: “Right now, the focus is on bringing Sirona back to its original thesis—solving women’s hygiene issues with innovative, meaningful products. There’s a lot of work to be done in the women’s category itself, so men’s products are not on the cards for now. The category needs real problem-solvers, and we are committed to making sure Sirona stays true to its purpose.”