Sirona founders in final stages of buying back brand from Good Glamm (2025)

Deep Bajaj and Mohit Bajaj, the founders of Sirona, are in the final stages of buying back the feminine hygiene brand from cash-strapped content-to-commerce firm Good Glamm Group, according to people familiar with the matter.

The buyback, which is expected to be primarily funded by the personal capital of Sirona's founders, is estimated at around Rs 150 crore, which includes the repayment of debts Sirona incurred under Good Glamm’s ownership, they said.

“The Good Glamm group has a lot of debt now, and the only thing that they can sell is assets. They had offered Sirona to a lot of people outside… The deal is not signed yet but it's going towards the decision,” said one of the persons, who did not wish to be identified.

Mumbai-based Good Glamm Group had acquired Sirona in October 2024 for Rs 450 crore. However, since then, Sirona’s sales have plummeted to one-eighth of its peak monthly run rate of Rs 12 crore, leaving vendors and the Sirona team in limbo due to a lack of fresh funding.

News website The Arc Web first reported this development.

Founded in 2014, Sirona specialises in menstrual hygiene products, such as herbal pain relief patches, biodegradable sanitary pads and menstrual cup kits. It also offers a stand-and-pee device for women, called PeeBuddy.

The potential sale of Sirona comes amid a series of setbacks for Good Glamm. On January 29, representatives from investment firms Accel, Prosus Ventures and Bessemer Venture Partners resigned from the company’s board, following a cash crunch, salary delays and layoffs.

Queries sent to Good Glamm and Sirona had not elicited responses till press time.

“Good Glamm received term sheets for a new round of fundraising in December (2024) and is currently in the last stages of closing the same. We will not be making any comments until after the close of our fund raise,” a spokesperson for Good Glamm previously said.

Led by founder and CEO Darpan Sanghvi, Good Glamm raised $30 million in March 2024 at a flat valuation from existing investors, including Warburg Pincus, Prosus Ventures, Bessemer and Accel. The capital was intended for working capital needs and to set the stage for a larger funding round, which has yet to materialise.

The funds for the Sirona acquisition had come from internal capital and proceeds from this funding round. Good Glamm has been exploring various fundraising options, including bringing in a strategic investor and divesting some of its brands, ET had reported.

The Sirona acquisition faced legal hurdles before it was completed, particularly since Good Glamm allegedly did not finalise the deal under the original agreement. The Sirona founders issued a notice to Good Glamm over the delay. Similarly, baby healthcare startup The Moms Co and investors from the Indian Angel Network also issued default notices to Good Glamm.

In 2022, Good Glamm Group had initially invested Rs 100 crore in Sirona through a mix of primary and secondary investments.

A similar situation unfolded in May 2023, when US ecommerce rollup firm Thrasio, which had acquired consumer durables brand Lifelong in India, exited the market and divested the majority of its stake in Lifelong India back to its founders and investors, ET first reported.

Over the past year, the group has witnessed several high-profile exits. Sukhleen Aneja, CEO of The Good Brands, the direct-to-consumer vertical of Good Glamm, left in May 2024 to join omnichannel beauty and fashion retailer Nykaa. Prior to that, cofounder Priyanka Gill transitioned to a venture partner role at Kalaari Capital before launching her own lab-grown diamond brand, Coluxe.

Good Glamm’s portfolio includes other brands such as MyGlamm, The Moms Co, Organic Harvest, St. Botanica and Baby Chakra, in addition to several digital media and content platforms.