Feminine hygiene startup Sirona on Tuesday said it has raised Rs 100 crore in funding from Good Glamm Group.
The round also saw secondary buyout with early investors including seed and angel investors taking an exit, a statement said. Sirona - which makes products like PeeBuddy and menstrual cups - said it aims to hit the Rs 500 crore revenue mark in three years.
In April, Sirona had raised $3 million in Series A funding round, co-led by NB Ventures and IAN Fund.
The company said almost one million women use Sirona Menstrual Cups, and over 3 million units of PeeBuddy and over 4 lakh Sirona Feminine Pain Relief Patches have been sold.
“We had multiple term sheets from VCs and other strategic investors but the combination of money and immediate value which the Good Glam Group offered was unparalleled. We have been profitable for the last 3 years and are growing steadily,'' Sirona Hygiene founder and CEO Deep Bajaj said.
He added that the partnership with The Good Glamm group, given their edge in terms of content and offline access will help the company scale faster while staying profitable.
''We hope to soon hit the Rs 100 crore revenue mark. Aspirations are to see Sirona at leading stores, solving more feminine hygiene problems faced by Indian women from puberty to menopause and become the first start-up in our category to hit Rs 500 crore revenue, hopefully within 3 years,” he added.
The Good Glamm Group comprises a portfolio of beauty and personal care brands that are powered by a proprietary digital ecosystem of content, community and creator assets. Brands that come under the Good Glamm Group umbrella include MyGlamm, POPxo, BabyChakra, The Moms Co, ScoopWhoop and St Botanica.
“Feminine hygiene segment, especially given the taboo around the category, is a tough one to pull off but needs far more intervention to make life simpler for Indian women. And we believe our ecosystem of content and creators will greatly increase the education of and adoption of Sirona's innovative hygiene products,'' Good Glamm Group founder and CEO Darpan Sanghvi said.
He added that Sirona has made its mark by creating a new category of modern intimate and menstrual hygiene solutions, something the company valued and decided to come in as a strategic investor at this stage.
This digital reach, combined with 30,000-plus offline retail points of sale of the Group's flagship beauty brand, MyGlamm, offers Sirona an unprecedented opportunity to scale both online and offline, the statement said.
Good Glamm Group had recently raised $150 million in a funding round led by Prosus (formerly Naspers) to enter the unicorn club (companies with valuation of $1 billion). It counts Warburg Pincus, L'Occitane, Bessemer Venture Partners, Accel, Amazon, and Ascent Capital among its investors.
(With inputs from PTI)
