Good Glamm Group-backed Sirona, which makes feminine hygiene and menstrual products, plans to end this financial year with about Rs 150 crore in revenue, marking a nearly 2x jump over FY23, its co-founder and CEO Deep Bajaj told FE in an interaction. In the next three to five years, the company is confident of scaling its topline to Rs 500 crore.
Sirona is among the few startups in India, which are aiming to capture a share of the country’s feminine hygiene products market that is estimated to grow at a compounded annual growth rate of nearly 15% over the next five years to reach a market size of $1.8 billion, as per data from Mordor Intelligence.
Other new-age companies in this sector include Sanfe, Nua, PeeSafe and HealthFab. Over the last two years, femtech startups in India have raised a total of $60 million from over 80 investors, according to data from Tracxn.
In the menstrual products market, these new-age femtech companies largely compete with market leaders such as P&G, which owns the Whisper sanitary napkin brand and Johnson & Johnson India-owned Stayfree. To gain market share, startups such as Sirona also sell menstrual cups and tampons along with sanitary pads, expanding into categories where the large companies are barely present.
“I think for me, (sanitary) pad is a presence in the category. There are brands who are already trying to solve this problem. I would let the customers pick us up for alternatives to pads than for pads alone,” Bajaj said. Period care and the hair-removal category together constitute almost 60-65% of Sirona’s topline, followed by toilet hygiene.
“We have witnessed a 45% growth in our core marketplace business by penetrating new categories in the intimate and menstrual hygiene space. Our international marketplace business has shown a 2x growth, owing to our expansion in other geographies on Amazon,” Bajaj added.
In 2021, beauty brand MyGlamm’s parent company Good Glamm Group acquired a majority stake in Sirona for Rs 100 crore. Besides Good Glamm, luxury spa and salon operator Sanghvi Brands and Indian Angel Network have also invested in this company.