The Good Glamm Group Acquires Digital Media Platform ScoopWhoop
The direct-to-consumer brand MyGlamm had introduced The Good Glamm Group in September and announced its plans to acquire six brands in the beauty and personal care space before March. The company earlier in October had acquired The Moms Co in anINR 500-crore-deal
Digital media platform ScoopWhoop has been acquired by The Good Glamm Group. This is the second acquisition by the company in less than a month. Earlier in October, it had acquired baby and mother products brand The Moms Co for INR 500 crore, in the largest deal in the country in the direct-to-consumer (D2C) space.
With the ScoopWhoop buyout, the company now intends to build its play in the men’s category. This is Good Glamm Group’s second acquisition in the content space. In 2020, it had acquired the women-centric content platform POPxo.
“I have been an ardent user and fan of ScoopWhoop for a long time. It’s a privilege to have Sattvik, Rishi, Sriparna join the Good Glamm Group family and have ScoopWhoop accelerate the Group’s foray into building a content-to-commerce platform for the burgeoning male grooming and personal care segment,” said Darpan Sanghvi, group founder, and chief executive officer, Good Glamm Group.
The recent acquisition will help the company to build its business in the $1.5 billion men’s grooming market.
“The acquisition of ScoopWhoop, which has a male audience of over 60 percent, will pave the way for entry into content-to-commerce for the fast-growing male segment. Over the next three years, the group will invest INR 500 crore in the men’s category,” the company said in a press note.
“Good Glamm Group’s commerce stack coupled with ScoopWhoop’s content capabilities and digital reach amongst men will turbocharge the group’s D2C capabilities in the male grooming segment,” it added.
The company is also looking to build as well as buy brands in the men’s grooming segment.
According to The Good Glamm Group, ScoopWhoop’s digital assets generate 1 billion monthly impressions and engage over 100 million users. Based in New Delhi, ScoopWhoop will continue to work as an independent brand and media house within the Good Glamm Group. Its founders Sattvik Mishra, Rishi Pratim Mukherjee, and Sriparna Tikekar will continue leading ScoopWhoop and will work closely with Darpan Sanghvi, Priyanka Gill, and Naiyya Saggi, co-founders of the Good Glamm Group, the company said.
Founded in 2017, MyGlamm had introduced The Good Glamm Group in September consolidating all its businesses — MyGlamm, POPxo, and BabyChakra — under one umbrella. The company had also announced plans to acquire six brands in the beauty and personal care space with the setting up of the group and has set aside INR 750 crore for the purpose.
Since the formation of the group, the company has acquired The Moms Co and now ScoopWhoop. It plans to acquire four more brands by March and achieve a revenue run rate of over INR 1,800 crore by the end of FY22. The company, claim founders, currently has a revenue run rate of $100 million (about INR 740 crore.)
The company in September topped up its series C round with an additional INR 255 crore led by Trifecta Capital. It had raised INR 175 crore in March and then another INR 355 crore in July in a round led by Accel as part of its Series C funding. Most of the funds raised in the recent round will go towards acquiring new brands.