Despite being a new publishing company, it is but New York Times’ Cooking app which has gathered more eyeballs than many YouTube channels. Yet another popular product is NYT Games – which allow users to play puzzles, wordle, among others. While it may not be a similar comparison but over the years, the Good Glam Co, in addition to acquiring content companies such as ScoopWhoop, MissMalini Entertainment, Tweak India, among others. Around the same time, it has acquired direct-to-consumer brands such as Sirona, the moms co., Organic Harvest, among others. As the content to commerce company now looks at building its offerings, the question is would we see yet another success? In an interaction with BrandWagon Online, Priyanka Gill , Group co-founder, Good Glamm Group | CEO, Good Media Co., talks about the company business model and its journey of a content-to-commerce company. (Edited Excerpts)

Continue reading this story with Financial Express premium subscription
Already a subscriber? Sign in

What is the business model of the company? How does each of the three businesses are aligned together to meet the revenue target?

I’d like to take you back to the genesis of how we all came together. So, I started my journey as a digital media entrepreneur. About 10 years ago, I had started a brand called, POPxo. It is a website which creates content for women. When we started Popxo, we had three things in mind – – one – we will create great content, second we will get a large audience base, and third was to earn revenue. While we succeeded at the first two things we, the website wasn’t making lots of money. This was a challenge because monetising digital media in India is hard.

I had met Darpan Sanghvi, who had started a makeup brand called, MyGlamm in 2020. Post our meeting, we decided to put both the brands together as we believed that content and commerce should go together. That really worked out for us. In August 2020, we announced the merger of Popxo and MyGlamm.

As a media entreprenuer, the main challenge is how to make money from audiences. For an e-commerce or direct-to-consumer (DTC) brand, the biggest challenge is to acquire customers. So, Popxo suddenly had a way to monetise through MyGlamm products being sold on the website and MyGlamm had an access to an big audience. This experiment actually worked out for us.

We raised around $250 million dollars in a year. With that money, we bought a bunch of DTC brands, other digital media companies to increase our reach and we invested in influencer marketing companies to make sure that we are able to amplify our offerings to be able to sell our products. This is the overall brand positioning today. So, The Good Glamm Group is a conglomerate of DTC brands that is powered by content, commerce and community. This is a global first business model which really works because it seems to solve the pain points of three large industries, that is, media, e-commerce and creators. So, we basically make money by selling beauty and personal care products through our brands.

How does content add to the revenue for The Good Glamm Group?

Good Media Co. comprising of digital media platforms including POPxo, ScoopWhoop, BabyChakra, MissMalini Entertainment and Tweak India. Each digital media platform has a unique user demographic. The five platforms continue to function independently with back-end teams being centralised and collaborate across lateral functions such as data and growth to provide a richer experience for users on all platforms. When combined together this gives The Good Glamm Group access to diverse audiences across tier-1, tier-2 and tier-3 cities. Through these four media platforms, we have access to 250 million monthly active users, which is half of India’s transacting population and over 4.5 billion impressions. So, anytime our brands need to sell a product or if our brands need to talk about a launch, there is an inbuilt media that they can access. So, instead of paying a third-party platform for every marketing campaign, we have the platform in-house. This is a big advantage which has allowed us to keep our cost of customer acquisition (CAC) low, immensely. So, we are not spending money to acquire audiences, we are acquiring audiences through content generated by team to whom we pay our salaries. We are not really paying anyone for the audience, which I feel is a gamechanger.

The Good Glamm Group has acquired many brands lately, any future plans to acquire more?

One of the brands that we had recently acquired, Sirona just announced the acquisition of one of India’s first vegan condom brands called Blue. These are opportunistic acquisitions that we do right now. We had this matrix, when we started acquiring companies, we wanted to cover everything that was beauty and personal care for men and women and mother and baby. So, we pretty much have the brands which fit into the matrix right now. And as I said, everything else that we come across is an opportunity and if it fits into what we are doing, we will be open to acquiring.

What has been the growth of the company over the years? What is the target for the new fiscal year?

When compared our growth rate has slowed down 200 percentage points to 300% in FY23 from 500% in FY22. In FY24, we aim to clock a growth rate of 200-250%. Our biggest growth driver is undoubtedly our content creator community engine which has ensured that every brand we bought in 2021 has grown between 200- 400% in the last year. The absolute amount of revenue (Topline revenue) has grown significantly and has increased every year. The base amount every year as a percentage has been growing exponentially, and has been significantly larger every year than the year before. This strategic moat is proprietary and allows us to cross-sell every new brand to our existing base of customers. We today have 12 million transacting customers and have a 12-month retention rate of 45-50%. This high new user acquisition coupled with strong repeat behaviour is fuelling our growth.

The Group is soon to file for an IPO in the coming years. How do you plan to achieve profitability over the next few years?

We are working extremely hard for it and we have a plan for the same. We are confident that we should be able to hit the plan that we have put together. I think that it’s a lot about finding efficiencies in what you do as a group, across all the different companies that we have and making sure you hit your target numbers, be it month-on-month or year-on-year.

Follow us on TwitterInstagramLinkedIn, Facebook

TOPICSMarketing
Get Live Share Market updates, Stock Market Quotes, and the latest India News and business news on Financial Express. Download the Financial Express App for the latest finance news.
This article was first uploaded on May thirty-one, twenty twenty-three, at eighteen minutes past eight in the morning.