Sirona founders buy back their brand from cash-strapped The Good Glamm Group

In a rare move in India’s startup landscape, feminine hygiene brand Sirona has repurchased its own label from  Content-to-commerce startup The Good Glamm Group. 

The development comes just a few months after The Good Glamm Group announced the full acquisition of Sirona in an all-cash deal worth around Rs 450 crore (about $60 million).

Confirming the buyback, Deep Bajaj, Sirona’s co-founder, in a LinkedIn post, wrote, "The goal was never just to sell, make money, and move on. From day one, the vision was to scale Sirona and take it global."

A rare reacquisition

Founded in 2015, Sirona has built a dedicated following by addressing gaps in the feminine hygiene market. Its product lineup includes PeeBuddy, a device that helps women stand and pee, herbal period pain relief patches, menstrual cups, and biodegradable sanitary pads.

Sirona’s decision marks an unusual instance of a startup reclaiming its brand after being acquired. The company had joined forces with The Good Glamm Group two years ago. However, Bajaj said shifting priorities at The Good Glamm pushed the Sirona team to take back the brand.

“For two years, we nurtured the brand with Good Glamm before stepping away,” he wrote. “We had a good run together, with its highs and lows. But with Good Glamm’s changing priorities, we felt the best way forward was to reclaim the brand and lead its next phase of growth ourselves.”

Funding the Buyback

According to media reports, the repurchase is primarily supported by the personal capital of Deep and Mohit Bajaj, Sirona’s co-founders.

Besides paying back certain debts that accumulated under The Good Glamm Group, the founders are expected to fund the majority of the buyback through their own resources.

Neither Sirona nor The Good Glamm Group has disclosed the exact financial details of the transaction, and The Good Glamm Group has not commented publicly on the matter.

Legal hurdles and default notices

The journey to reacquisition followed a contentious period. Six months before all payments were due under the original deal, Sirona’s co-founders, along with The Moms Co and the Indian Angel Network, reportedly issued a default notice against The Good Glamm Group for failing to make the final payments.

Despite these hurdles, The Good Glamm Group officially took ownership four months ago, only to see the deal unravel with Sirona’s recent buyback.

Good Glamm’s financial distress

Once a high-flying content-to-commerce company, The Good Glamm Group has faced a series of challenges over the past year. The firm, which became a unicorn in 2021 through a $250 million funding round, has recently struggled with salary delays and layoffs.

It was also reported to be in talks for a fresh investment at a significantly lower valuation.

In March 2024, Good Glamm raised $30 million from existing investors—including Warburg Pincus, Prosus Ventures, Bessemer, and Accel—to cover working capital and set the stage for a larger funding round. However, that bigger round has yet to materialize.

High-profile exits

The Good Glamm Group has witnessed the exit of key representatives in recent weeks. Anand Daniel from Accel Partners, Vishal Gupta from Bessemer, and Gaurav Kothari from Prosus Ventures all resigned as independent directors last month.

The company has also seen other top-level departures, fueling doubts about its plans for profitability, an initial public offering, and international expansion.