The Good Glamm Group, which is on acquisition spree, is in talks to take a position in a male grooming brand, three individuals aware of the deal mentioned. The Group, which just lately emerged because the second unicorn in the direct-to-consumer(D2C) house in the nation, is in dialogue with Delhi-based Happily Unmarried Marketing Pvt. Ltd, to take a position in its male-focussed brand named Ustraa that provides way of life merchandise beneath the brand ‘Happily Unmarried’.
ADVERTISEMENTUstraa has appointed the investment banking arm of Kotak Mahindra Bank to scout for potential buyers for a contemporary fundraise, a 3rd particular person mentioned, including that the corporate is searching for a valuation of practically Rs 500 crore. All three individuals spoke on situation of anonymity.
While an Ustraa spokesperson termed the event as “hypothesis and incorrect”, the Good Glamm Group declined to touch upon the identical. An e mail question despatched to Kotak Mahindra Bank did not elicit any response until the time of publishing this information report.
ADVERTISEMENTThe MyGlamm dad or mum entity is bullish on the male grooming class and therefore been concerned in talks with a number of new-age manufacturers in the class, one of many individuals cited above mentioned. He added that the Good Glamm Group had in latest previous additionally initiated talks with Bombay Shaving Company (BSC) however the deal didn’t materialise. When contacted earlier, the Good Glamm Group had denied the event. BSC had confirmed the inbound strategic curiosity however not revealed names of potential buyers.
Ustraa, which was launched in 2014, presently affords a variety of merchandise in classes equivalent to beard care and equipment, hair care, fragrances and washes like face wash, physique wash and soaps. Apart from its personal web site, the brand additionally has presence in over 30 ecommerce marketplaces. Currently, Ustraa additionally provides its merchandise to over 5,000 bodily shops throughout the nation.
MyGlamm was based in 2017 by Sanghvi and Priyanka Gill. The firm claims to be India’s fastest-growing D2C magnificence brand, with a variety of over 800 cruelty-free and vegan merchandise throughout classes equivalent to make-up, skincare, and private care. It additionally has over 30,000 offline factors of sale throughout 70 cities of India. Sanghvi Beauty and Technologies, which operates brand MyGlamm, unveiled The Good Glamm Group in September beneath which it has consolidated its numerous companies in a bid to strengthen its place as a ‘digital home of manufacturers’ powered by a content-to-commerce technique.
The Group has been on an acquisition spree in the latest previous. On Tuesday, the Good Glamm Group introduced to have invested Rs 100 crore in Sirona, a startup that offers into female hygiene merchandise. Recently, the Group additionally acquired Miss Malini Entertainment, one of many nation’s largest superstar media and influencer expertise administration community, for an undisclosed quantity.
St.Botanica and Oriental Botanics, two cosmetics corporations, have been bought by the group final month. ScoopWhoop Media Pvt Ltd, a digital media and way of life content material platform backed by Kalaari Capital, was acquired in October. That very month, it bought baby-care items agency The Moms Co for an unknown sum. The firm additionally owns POPxo (a tweens’ centered cosmetics brand) and Baby Chakra, in addition to MyGlamm (a cosmetics brand) and these acquired belongings (child merchandise brand).
The Good Glamm Group is especially bullish on haircare, significantly hair color, because it feels that e-commerce penetration in haircare is lower than 3.8% regardless of the broader class touted at $3 billion. Sanghvi is equally optimistic that The Good Glamm’s content material to ecommerce moat and superior merchandise may also be useful to get deeper in skincare as nicely. The firm is focusing on to go public by Diwali 2023.