Prosus-backed company: Good Glamm Group in talks to acquire men’s grooming products startup: Ustraa
- ByStartupStory | April 2, 2022
Lately, the Good Glamm Group has been on an acquisition spree. The digital house of brands now is eyeing its biggest one so far: Ustraa. The Prosus-backed company is in talks to acquire Ustraa, a men’s grooming products startup in a cash and stock deal.
One of the sources requesting anonymity said that for about four to five weeks the two companies have been in talks and the contours of the deal are being chalked out. For some time, Good Glamm Group has been exploring acquiring a men’s grooming brand and in the past, it has also held discussions with Bombay Shaving Company and The Man company.
Good Glamm Group had acquired over half a dozen companies including D2C brand The Moms Company, BabyChakra, MissMalini, content and commerce platforms Popxo, ScoopWhoop, Tinysteps including personal care brand St. Botanica and video analytics company Vidooly, in the past 15 months.
The pandemic had eroded over 52% of its scale and the company’s revenue shrank to Rs 28.73 crore in FY21, while Ustraa had a revenue of Rs 60 crore in FY20, according to an analysis. Ustraa will be valued at about 9X its FY20 income, if the deal goes through. The deal may or may not materialise, to be sure.
Any immediate response didn’t elicit the queries sent to Ustraa and Good Glamm’s chief executives. To comment on the story, Info Edge declined. In the NCR-based Ustraa with close to a 29.88% stake, Info Edge is the largest stakeholder, according to a calculation.
The Good Glamm Group had raised about $150 million in Series D round and in November it turned unicorn. With a range of more than 800 products across categories such as makeup, skincare, and personal care, the company claims to be India’s fastest-growing direct-to-consumer beauty brand. The company is in talks to score a new round at over $2 billion valuation, according to some media reports.
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