Sirona founders buy back company from cash-strapped Good Glamm Group

Sirona founder Deep Bajaj on Tuesday announced the completion of the buyback of the feminine hygiene brand from the cash-strapped content-to-commerce firm Good Glamm Group.

“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. For two years, we nurtured the brand with #GoodGlamm before stepping away. 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,” he said in a LinkedIn post.



ET had reported on Sunday, that Sirona’s founders were in the final stages of the repurchase.

The buyback, largely financed through the personal capital of the founders, Bajaj and Mohit Bajaj, is estimated at around Rs 150 crore, including debt repayments incurred during Sirona’s time under Good Glamm’s ownership, according to people familiar with the matter.

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

Mumbai-based Good Glamm Group had acquired Sirona in October 2022 for Rs 450 crore. However, since then, Sirona’s sales have declined sharply, dropping to one-eighth of its peak monthly revenue of Rs 12 crore. The lack of fresh funding created uncertainty for both vendors and the Sirona team.

The situation mirrors the 2023 exit of US-based ecommerce rollup firm Thrasio from India, when it sold its stake in consumer durables brand Lifelong back to its founders and investors, ET first reported.

The sale of Sirona comes amid a turbulent period for Good Glamm Group. On January 29, representatives from Accel, Prosus Ventures and Bessemer Venture Partners resigned from the company’s board following financial challenges, salary delays and layoffs.

In 2022, Good Glamm Group invested Rs 100 crore in Sirona through a combination of primary and secondary transactions. However, the acquisition encountered legal hurdles before completion, as the buyer allegedly failed to finalise the deal under the original terms. Sirona’s founders issued a notice to Good Glamm Group over the delay.

Led by founder and CEO Darpan Sanghvi, Good Glamm Group secured $30 million in March 2024 from existing investors, including Warburg Pincus, Prosus Ventures, Bessemer and Accel. The funds, raised at a flat valuation, were meant for working capital and to facilitate a larger funding round, which has yet to materialise. The capital used for acquiring Sirona originally came from internal resources and this funding round.

Over the past year, Good Glamm Group has seen several leadership exits. In May 2024, Sukhleen Aneja, CEO of its direct-to-consumer vertical The Good Brands left to join omnichannel beauty e-tailer Nykaa. Earlier, 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 beauty and personal care brands such as MyGlamm, The Moms Co, Organic Harvest, St. Botanica and Baby Chakra, along with multiple digital content platforms.

“We still have more to contribute to the feminine hygiene space. And this time, we return with the same passion, a bit more wisdom, and an even bigger vision to create a meaningful impact," Bajaj added.