WLDD in Acquisition Talks for ScoopWhoop
WLDD, the marketing firm known as Wubba Lubba Dub Dub, is currently in discussions to acquire the popular digital media platform ScoopWhoop from The Good Glamm Group (GGG). Reports from Livemint indicate that WLDD has presented a term sheet while due diligence is underway. The Good Glamm Group is reportedly looking to sell ScoopWhoop for approximately Rs 18-20 crore.
ScoopWhoop’s Previous Acquisition
In October 2021, The Good Glamm Group completed the acquisition of ScoopWhoop in a transaction valued around Rs 100 crore. However, the current negotiations mark a significant shift in the company’s strategy.
Recent Developments at The Good Glamm Group
The Good Glamm Group has opted not to comment on the latest acquisition talks. Recently, Sirona has made headlines for repurchasing its brand from The Good Glamm Group to regain independent operational control. Sources suggest this buyback occurred at a markedly lower price than its original acquisition.
Financial Challenges for Good Glamm
The company, under the leadership of Darpan Sanghvi, may use revenue from the sale of its digital media division to fulfill crucial financial obligations, such as salaries and vendor payments. Over the last year, The Good Glamm Group has faced financial difficulties, including delayed salaries and layoffs, prompting the company to seek funding at a considerably lower valuation.
Unicorn Status and Financial History
After achieving unicorn status in 2021 with a $250 million funding round, The Good Glamm Group had raised an additional $30 million in a bridge round in March of the previous year. However, the group has seen significant changes, including the exit of key representatives such as Anand Daniel from Accel Partners, Vishal Gupta from Bessemer, and Gaurav Kothari from Prosus Ventures, who all resigned from their roles as independent directors last month.
Leadership Changes
In January 2024, Priyanka Gill, one of the co-founders of The Good Glamm Group, announced her departure from her active role within the New Delhi-based company, indicating further shifts in leadership as the company navigates these challenges.