Good Glamm Group, the beauty and personal care company backed by several venture capital and private equity firms, has sold its digital media platform ScoopWhoop Media Pvt Ltd to Wubba Lubba Dub Dub as it battles a cash crunch.
The Pune-based company had acquired the media portal ScoopWhoop via its beauty and salon services unit MyGlamm in 2022. According to media reports, MyGlamm purchased ScoopWhoop for around Rs 100 crore.
A person familiar with the transaction said MyGlamm has now sold the platform for Rs 20 crore. The deal was signed on February 15 and took less than a month to come to fruition for the two parties, the person said, asking not to be named.
Good Glamm declined to comment on the deal.
Wubba Lubba Dub Dub CEO Arihant Jain confirmed the acquisition. “The deal directly helps us with media distribution business and content IP (intellectual property). This will also help transition from an agency business to becoming a new media company which is a mix of news, memes and marketing,” he told VCCircle.
The latest transaction comes after the cash-strapped company last week sold feminine hygiene brand Sirona back to the founders Deep Bajaj and Mohit Bajaj for a third of the Rs 450 crore it had paid to acquire it.
Good Glamm has been facing headwinds amid tussles over payment dues and salary delays, among other issues. In addition, Anand Daniel, Vishal Gupta and Gaurav Kothari—the representatives of its investors Accel India, Bessemer Venture Partners, and Prosus—have resigned from the board in recent months.
The company said in a recent social media post that it was in the midst of restructuring and a subsequent fundraise. “As a part of our restructuring, our board is also being reconstituted and new members will be joining our board," it said.
Meanwhile, ScoopWhoop was founded in 2013 by Sattvik Mishra, Rishi Pratim Mukherjee and Sriparna Tikekar - all alumni of the Indian Institute of Mass Communication. Bharti SoftBank, a joint venture between Bharti Enterprises and Japanese Internet firm SoftBank Corp, acquired a 36.5% stake in ScoopWhoop in November 2014. A year later, the media firm raised $4 million from VC firm Kalaari Capital.
The company is currently run by a nimble team with no CEO and founders running the deck. Co-founder Mishra left the company more than three years back amid allegations of sexual assault.
The Good Glamm Group, which counts Bessemer, Prosus and Peak XV among its set of investors, owns and runs several beauty and personal hygiene brands. It attained the status of a unicorn in 2021 after raising capital from investors such as Prosus and Warburg Pincus. The company raised $30 million from existing investors in March last year.
The company followed an inorganic growth strategy and bought stakes in several companies like The Moms Co, Organic Harvest, and Winkl, apart from Sirona and ScoopWhoop.
