Burying their hatchet over payment dues, multi-brand personal care platform The Good Glamm Group has completed the acquisition of feminine hygiene company Sirona in an all-cash deal for Rs 450 crore (approximately $60 million).
The first tranche payment was of Rs 100 crore and multiple tranches have happened since, a person familiar with the development told VCCircle.
The transaction has also provided accelerated ESOPs (employee stocks ownership plan) vesting to Sirona’s employees, a joint press statement said, adding that Sirona founders Deep Bajaj and Mohit Bajaj had already resigned earlier this year.
“This all-cash acquisition feels like validation for all the hard work. While it’s difficult to part with something we are so deeply connected to, Good Glamm is the ideal partner to take Sirona to the global stage.” Deep Bajaj, one of the founders was quoted as saying.
The transaction has had its share of controversy amid media reports in April when The Good Glamm Group had received a legal notice from Indian Angel Network, from whom it had acquired Sirona.
IAN was said to have accused the The Good Glamm Group and its board of attempting to cheat investors slapping a default notice over payment dues related to the Sirona deal, media report said.
It further said that another company that The Good Glamm company had invested in -The Moms Co - had also sent them a default notice over non-payment of final due amount.
Both the parties have now resolved the issue and there are no outstanding disputes, a person privy to the matter said.
The Good Glamm Group had invested Rs 100 crore (around $13.4 million then) in a Series B funding round in Sirona in 2021.
Sirona, founded in 2015, offers feminine hygiene-focussed personal care products and services.
Some of the products include menstrual cups, urination devices for women namely PeeBuddy, period pain relief patches, biodegradable bags for hygienic disposal of sanitary waste Oxo, and a WhatsApp period tracker.
In 2023, Sirona also acquired vegan condom brand Bleu, that makes its chemical-free products from sustainably sourced latex.
Some of the brands under The Good Glamm Group include its flagship makeup brand MyGlamm, personal baby care brand The Moms Co, organic farm-to-face brand Organic Harvest, hair and skincare brand St Botanica. It also markets tennis star Serena Williams’ makeup brand WYN Beauty.