This was later confirmed by Darpan Sanghvi, co-founder and chief executive of Good Glam Group. Shanghvi said the group will enter the men’s grooming space with the acquisition and is looking to invest Rs 500 crore in the next two years.
Financial terms of the MyGlamm-ScoopWhoop deal were not disclosed.
“This acquisition fits perfectly into our content-to-commerce playbook. Creating content is difficult, and this acquisition solves it,” Sanghvi told ET. In talks to invest.
It’s the fourth major buy for the group after ScoopWhoop.
moms cum,
baby chakra and content and commerce platform
POPXOwhich he achieved last year.
Founded in 2013 by Satwik Mishra, Rishi Pratim Mukherjee and Sriparna Tikekar, ScoopWhoop is backed by Kalaari Capital, which invested $4 million in the company in 2015.
“We have been platform-agnostic and we have decided where the users are. On Instagram, Facebook, Sharechat, YouTube as well as on our own website, we have seen a manifold increase in monthly user numbers,” said Mishra.
Being part of a larger conglomerate gives the digital media entity an opportunity to scale up its content platform. ScoopWhoop said it has over 1.5 billion impressions every month and has over 100 million users.
All investors will exit ScoopWhoop except Kalaari Capital. Shanghvi said that Kalari will invest more in Good Glam Group.
Last month, Good Glamm acquired the D2C mother and baby care brand moms cum, it is valued at Rs 500 crore, making it the biggest M&A deal in the buzzy beauty and personal care segment,
ET reported on 6 October.
Informed sources said Good Glam was also looking to raise fresh funding, details of which are yet to be confirmed. “The company is looking at raising a big round to make war chests for its inorganic plans. There is considerable inward investor interest,” said one of the people with knowledge of the development.
Shanghvi, however, denied that it was in talks to raise capital.
Last month, as part of its expanded Series C round, Good Glam
Raised additional Rs 255 crore, in a mix of debt and equity, took the round size to Rs 755 crore ($100 million). It counts funds like Ascent Capital, Wipro and Amazon as investors.
The company aims to create a larger “Unilever-style” umbrella of FMCG brands. “We are looking at four to six acquisitions in the hygiene, bath and body, skin, hair and natural categories in the next 90-180 days,” Shanghvi told ET last month. It has earmarked $100 million in cash for such opportunities.