Sirona Reclaims Brand for Independent Growth
Sirona, a brand that was once integrated with the Good Glamm Group, has successfully repurchased itself to function independently. This occurrence represents an unusual situation where a startup has managed to regain its brand after being acquired.
Deep Bajaj, co-founder of Sirona, shared insights on LinkedIn, stating that after two years of collaboration with Good Glamm, they decided it was time to reclaim their brand. “We experienced a fruitful partnership with its share of challenges, but with Good Glamm’s evolving priorities, we recognised that the optimal path for growth was to take charge of the brand ourselves,” he noted.
This development follows four months after The Good Glamm Group completed the acquisition of Sirona Hygiene, valued at Rs 450 crore (approximately $60 million) as an all-cash transaction.
Prior to concluding the deal, Sirona’s co-founders, along with The Moms Co and the Indian Angel Network (IAN), reportedly lodged a default notice against The Good Glamm Group, citing delays in final payments associated with the acquisition.
Reports suggest that the repurchase is largely financed by the personal funds of Deep and Mohit Bajaj, with indications that the buyback could take place at a significantly reduced price.
The Good Glamm Group has not issued a comment regarding this transaction.
Founded in 2015, Sirona is known for its innovative products in feminine hygiene, which include PeeBuddy (a device for standing while urinating), herbal patches for period discomfort, menstrual cups, period stain removers, anti-chafing creams, and sanitary disposal bags.
Recently, the Good Glamm Group has encountered various financial hurdles such as salary delays and workforce reductions. Additionally, media reports indicate that the group is currently pursuing a funding round at a substantially lower valuation.
The Delhi-based company ascended to unicorn status in 2021 after securing $250 million in a funding round.
In a significant shift, last month The Good Glamm Group experienced the departure of notable figures, including Anand Daniel from Accel Partners, Vishal Gupta from Bessemer, and Gaurav Kothari from Prosus Ventures, who all resigned as independent directors.
