The deal—which was partly closed in 2022—had faced legal scrutiny after founders and investors of Sirona issued notices to Good Glamm for not finalising the acquisition as per their original agreement. In 2022, Good Glamm announced the purchase of a partial stake in Sirona for Rs 100 crore.
Sirona cofounders Deep Bajaj and Mohit Bajaj had stepped down from their active roles earlier this year and have now resigned as directors as well.
Bajaj told ET that a new agreement has been signed between the parties, and all pending payments have been settled, leading to the withdrawal of the legal notices.
“All legal cases have been withdrawn, and new agreements have been formed, with payments made in line with those terms. The new agreement, including payment terms, has been agreed upon, and we have started receiving payments according to the new terms,” said Bajaj.
Earlier this year, founders of Sirona Hygiene and baby healthcare startup The Moms Co, alongside investors from the Indian Angel Network (IAN), issued default notices to Good Glamm Group for failing to make final payments. Good Glamm had also initiated arbitration proceedings against IAN, as previously reported by ET.
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IAN cofounder Padmaja Ruparel did not respond to ET’s request for comments.People in the know said Good Glamm currently owns a majority stake in Sirona, and by the end of this fiscal year, it will hold 100% stake in the feminine hygiene startup.
In 2022, Good Glamm Group initially invested Rs 100 crore in Sirona through a mix of primary and secondary investments. Since then, the company has made several additional investments in the brand.
“Sirona has been a very disruptive brand and a lot of credit goes to its founders. The brand started by solving the unmet needs of women. Its products are also breaking taboos, and I see it as a very different brand in our portfolio because it has a category of products that none of our other brands cater to. Can it go out and take on the likes of giants by taking femtech to the mainstream and that is what we are looking to do in the next phase of Sirona,” Darpan Sanghvi, founder of GoodGlamm told ET.
Sirona’s acquisition adds to Good Glamm Group’s expanding portfolio of brands, which includes MyGlamm, The Moms Co, Organic Harvest, St Botanica, Baby Chakra, and several digital media and content platforms.
Founded in 2014, Sirona specialises in menstrual hygiene products, such as herbal pain relief patches, biodegradable sanitary pads, and menstrual cup kits. It also offers a stand-and-pee device for women, called PeeBuddy.
Earlier this year, Good Glamm raised Rs 245 crore (approximately $30 million) through a rights issue at a flat valuation of $1.2 billion, with contributions from existing investors, including Warburg Pincus. People indicate that the funds for the Sirona acquisition came from internal capital and proceeds from the funding round.
In April, Good Glamm inked a joint venture with former tennis player turned entrepreneur Serena Williams to launch her cosmetics brand, ‘Wyn Beauty by Serena Williams,’ in the US market.