Feminine hygiene startup Sirona is charting its comeback after co-founder Deep Bajaj bought back the company last year from the financially beleaguered Good Glamm Group. The company is now setting an ambitious target to scale revenues to Rs 400–500 crore over the next two to three years, even as it rebuilds from a reduced base.
In FY25, Sirona’s revenue from operations declined from Rs 100 crore to Rs 77 crore, with market share eroding across channels. However, the reduced scale helped narrow losses to Rs 22.6 crore from Rs 45.5 crore in FY24. “We were at about a Rs 130–140 crore annual revenue run rate when we sold the business in 2023, and now we’re building it afresh,” Bajaj said in an interview with FE.
Sirona is among a handful of startups aiming to capture a share of India’s feminine hygiene market, which is projected to grow at a compound annual growth rate of nearly 12% over the next five years to reach $2.3 billion, according to Mordor Intelligence.
Other new-age companies in the space include Sanfe, Nua, Carmesi, Plush, and PeeSafe. Overall, femtech startups in India have raised a total of $257 million to date, as per Tracxn data.
In the menstrual products segment, these emerging brands compete with established players such as P&G, which owns the Whisper sanitary napkin brand, and Johnson & Johnson India, which owns Stayfree. To carve out market share, startups like Sirona have expanded into categories such as menstrual cups and period panties — segments where large incumbents have limited presence.
A year after Bajaj reacquired the brand, along with existing investor Stride Ventures, Sirona is emerging from what he describes as a “back-to-basics” phase — focused on rebuilding core fundamentals following a period of decline under previous ownership.
The company currently offers around 40–45 products across menstrual care, intimate hygiene, and sexual health. Recent launches include period stain remover wipes and menopause-related products.
On the distribution front, Sirona is doubling down on online channels, particularly marketplaces and quick commerce platforms, which already account for about 40% of sales. Bajaj expects this share to grow further as platforms such as Amazon, Nykaa, and Flipkart deepen their push into quick commerce.
Offline expansion is also underway, albeit selectively. The company is scaling up its vending machine business, offering a full range of menstrual products at high-footfall locations such as malls and railway stations.
Profitability, however, remains some distance away. Bajaj expects the company to break even or turn profitable within a year, as it continues to reinvest in brand building and product innovation.
For Sirona, this second innings is about building a larger, more resilient business. Despite rising competition in the feminine hygiene space, Bajaj views the influx of new players as a positive signal — arguing that increased investment in consumer education is helping expand the overall category.