The Good Glamm Group on Wednesday said it has acquired digital media and lifestyle content platform Kalaari Capital-backed ScoopWhoop Media Pvt Ltd.
Sanghvi Beauty and Technologies, which operates direct-to-consumer (D2C) beauty products brand MyGlamm, had unveiled The Good Glamm Group in September under which it has consolidated its various businesses in a bid to strengthen its position as a ‘digital house of brands’ powered by a content-to-commerce strategy.
The acquisition of ScoopWhoop will pave the way for its entry into content-to-commerce for the fast-growing male segment, said The Good Glamm Group in a statement without disclosing financial details. The group intends to invest Rs 500 crore in the men's category over the next three years, it added.
Post the acquisition, ScoopWhoop's founders Sattvik Mishra, Rishi Pratim Mukherjee and Sriparna Tikekar will continue leading the platform and will work closely with Darpan Sanghvi, Priyanka Gill and Naiyya Saggi, co-founders of The Good Glamm Group.
ScoopWhoop was founded in 2013. The founders are alumni of Indian Institute of Mass Communication. Bharti SoftBank (BSB), a joint venture between Bharti Enterprises and Japanese Internet firm SoftBank Corp, acquired a 36.5% stake in ScoopWhoop in November 2014. The following year in November, the media firm had raised $4 million from Kalaari Capital.
In December 2016, ScoopWhoop had acquired video delivery and ad targeting startup Touchfone Technologies for an undisclosed amount in a cash-and-stock deal. Through this acquisition, investment firm Blume Ventures picked a minority share in ScoopWhoop.
Last month, The Good Glamm Group said it would make strategic investments worth Rs 750 crore in beauty and personal care brands.
The company said brands under the Good Glamm Group will be able to leverage the digital audience of POPxo, Plixxo, and Babychakra, which it bought in August this year.
In October, it also acquired baby-care products startup The Moms Co for an undisclosed sum.
MyGlamm was founded in 2017 by Sanghvi and Gill. The company claims to be India’s fastest-growing D2C beauty brand, with a range of over 800 cruelty-free and vegan products across categories such as makeup, skincare, and personal care. It also has over 10,000 offline points of sale across 70 cities of India.
In September, MyGlamm topped up its Series C fundraise with a $34 million (Rs 255 crore) infusion led by an equity investment from the Trifecta Leaders Fund and structured financing from Trifecta Capital and Stride Ventures.
Earlier this month, VCCircle reported that MyGlamm is in advanced discussions to pick up controlling stakes in two personal care companies.