The Good Glamm Group on Wednesday declared it has acquired Kalaari Capital-backed digital media and lifestyle content platform ScoopWhoop Media Pvt Ltd. Sanghvi Beauty and Technologies, which operates direct-to-consumer (D2C) beauty products brand MyGlamm, had uncovered The Good Glamm Group in September, under which it has incorporated its diverse businesses in a bid to strengthen its position as a ‘digital house of brands’ powered by a content-to-commerce approach.
The acquisition of ScoopWhoop will make way for its entrance into content-to-commerce for the fast-growing male division, said The Good Glamm Group in a statement without revealing financial details. It added that the group plans to invest Rs 500 crore in the men’s section over the next three years.
Post the acquisition, ScoopWhoop’s founders Sattvik Mishra, Rishi Pratim Mukherjee and Sriparna Tikekar will remain leading the platform and will work jointly with Darpan Sanghvi, Priyanka Gill and Naiyya Saggi, co-founders of recently formed The Good Glamm Group.
ScoopWhoop was established in 2013. The founders are alumni of Indian Institute of Mass Communication. Bharti SoftBank (BSB), a joint enterprise between Bharti Enterprises and Japanese Internet firm SoftBank Corp, took a 36.5% stake in ScoopWhoop in November 2014. The following year in November, the youth-centric media firm had raised $4 million from Kalaari Capital.
In December 2016, ScoopWhoop had acquired video delivery and ad targeting startup Touchfone Technologies for an undisclosed amount in a cash-and-stock deal. Through this acquisition, investment firm Blume Ventures pulled a minority share in ScoopWhoop.
Last month, The Good Glamm Group told it would make strategic investments worth Rs 750 crore in beauty and personal care labels.
The organisation said brands under the Good Glamm Group will be able to leverage the digital audience of POPxo, Plixxo, and Babychakra, which it purchased in August this year.
In October, it also acquired baby-care products startup The Moms Co for an undisclosed amount.
MyGlamm was established in 2017 by Sanghvi and Priyanka Gill. The company claims to be India’s fastest-growing D2C beauty brand, with a variety of over 800 cruelty-free and vegan goods across sections such as makeup, skincare, and personal care. It also has over 10,000 offline points of sale in over 70 cities of India.
In September, MyGlamm secured its Series C fundraise with a $34 million (Rs 255 crore) infusion driven by an equity investment from the Trifecta Leaders Fund and structured financing from Trifecta Capital and Stride Ventures.
Foundation of Good Glamm Group
MyGlamm originated in 2017 as a direct-to-consumer platform. It acquired many startups, such as women-centric content platform POPxo in 2020 and parenting platform BabyChakra in August 2021. The firm now plans to take-over five more businesses in the D2C section and execute a revenue run rate of over Rs 1,800 crore by the closing of FY22. The founders claim they currently have a revenue run rate of $100 million (about ₹740 crores.)
Since the establishment of the group, the business has acquired The Moms Co and now ScoopWhoop Media. By March, it plans to take over four more brands and achieve a revenue run rate of above Rs 1,800 crore by the end of FY22. The organisation, claim founders, currently has a revenue run rate of $100 million (about Rs 740 crore.)
After building its digital house of brands, the company will accelerate towards an IPO in the following two years. “We are hoping that we will be listed in 2023 as the first digital CPG company in India,” Sanghvi said in an earlier conversation.