The Good Glamm Group acquires majority stake in Twinkle Khanna’s Tweak India
- ByStartupStory | December 6, 2022
Sanghvi Beauty and Technologies, the parent company of The Good Glamm Group, has acquired a 51% stake in the digital media firm Tweak India for an undisclosed sum through a cash and stock transaction. After the stake purchase, Priyanka Gill, co-founder of The Good Glamm Group, will lead Twinkle Khanna’s digital media company, which will operate under The Good Media Co.
“This strategic alliance will provide Tweak India with a platform to develop and play to our advantage. In order to build a scalable business, one must constantly be prepared to take the next step. Twinkle Khanna, founder and CEO of Tweak India, is confident that the merger with the Good Glamm Group will enable her to perform three perfect somersaults and ensure that everyone lands on their feet.
Through Tweak India’s attention to the audience in these cities, the merger is anticipated to give The Good Glamm Group access to Tier I demographics.Every outlet inside the Good Media Co. reaches a different audience. Together, these allow Good Glamm Group access to a range of audiences in Tier 1, Tier 2, and Tier 3 cities, the business claimed in a press release.
Tweak India will join the other platforms run by The Good Media Co, such as POPxo, ScoopWhoop, BabyChakra, and MissMalini Entertainment, after the merger. Tweak India will continue to run independently with a centralised back-end team, just like the other platforms.
According to a study from last month, The Good Glamm Group’s losses increased almost six times in the most recent fiscal year as a result of the rising acquisition, material, and employee benefit expenditures. In comparison to the loss of 43.6 crores in FY21, the content-to-commerce company posted a loss of 272.9 crores in the financial year (FY) that ended in March 2022. In comparison to FY21, the group’s total expenses increased by more than 5.6 times, reaching 519 crores in FY22.
The Good Glamm Group, with a market cap of $1.2 billion, offers a variety of skincare, cosmetics, and other related products under the brand names MyGlamm, The Moms Co., and St. Botanic. Darpan Sanghvi, Priyanka Gill, and Naiyya Saggi are the three co-founders of the D2C brand. The Good Glamm Group, under which the company consolidated its various businesses, was unveiled by the company last year.
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