The Good Glamm Group has entered the digital media and lifestyle content platform market with the acquisition of ScoopWhoop. According to a press release, Good Glamm plans to invest Rs 500 crore in the men’s segment. MyGlamm, a Direct-to-Consumer (DTC) beauty brand, unveiled The Good Glamm Group in September.
This is the Good Glamm Group’s second content purchase. It bought POPxo, a women-centric content platform, in 2020. More than 60% of ScoopWhoop’s viewership is male.
They announced ambitions to purchase six beauty and personal care companies by March. It had previously purchased The Moms Co, a baby and mother goods company, for INR 500 crore in October, in the country’s largest Direct-to-Consumer (D2C) acquisition.
Get to know The Good Glamm Group
The Good Glamm Group operates an online beauty goods marketplace for spas and salons, featuring items from across the world. It acts as an umbrella company for MyGlamm, PopXO, BabyChakra, and now ScoopWhoop.
Consumers may not only learn about the company’s products but also generate rich, personalized content and tutorials using a combination of technology, content, and social media. MyGlamm, the parent business of the Good Glamm Group, was formed in 2015 and is based in Mumbai, Maharashtra.
It intends to buy four additional brands by March and generate over INR 1,800 crore in sales by the end of the Financial Year 2022. According to the creators, the firm presently has a revenue run rate of $100 million (about INR 740 crore.)
In September, the firm raised an additional INR 255 crore in a Series C financing headed by Trifecta Capital. As part of its Series C investment, it collected INR 175 crore in March and then another INR 355 crore in July in a deal headed by Accel. The majority of the money received in the most recent round will be used to acquire new brands.
The future of this acquisition
“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,” Darpan Sanghvi, co-founder, and chief executive officer of Good Glamm Group commented.
The company formally announced:
“The acquisition of ScoopWhoop, which has a male audience of over 60%, 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. 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.”
ScoopWhoop’s digital assets, according to The Good Glamm Group, produce 1 billion monthly impressions and attract over 100 million people. ScoopWhoop, based in New Delhi, will continue to operate as a separate brand and media outlet under the Good Glamm Group.
Sattvik Mishra, Rishi Pratim Mukherjee, and Sriparna Tikekar, ScoopWhoop’s founders, will continue to manage ScoopWhoop and will collaborate closely with Good Glamm Group co-founders Darpan Sanghvi, Priyanka Gill, and Naiyya Saggi.
A new digital face of lifestyle and fashion
The firm wants to build a larger “Unilever-style” FMCG (Fast Moving Consumer Goods) umbrella. “Over the next 90-180 days, we plan to make four to six acquisitions in categories like hygiene, bath and body, skin, hair, and naturals,” Sanghvi said. It has set aside $100 million in funds for such endeavors.
With India’s best and most popular FMCG and lifestyle-based companies teaming up, we can expect fresh content and the latest products from The Good Glamm Group.