Naiyya Saggi, co-founder of direct-to-consumer beauty and personal care startup Good Glamm, is looking to start a new innings with another shot at entrepreneurship - this time in the consumer electronics space, two people with knowledge of the development said.
“Saggi is no longer operationally involved in running Good Glamm. Though she will continue to hold equity in the group, she is looking to start another business. Talks are on with some investors,” one person said.
Saggi joined Good Glamm as a co-founder when BabyChakra, an online parenting platform that she founded, was acquired by the group in 2021 in an equity swap deal.
Saggi declined to comment on the matter. A Good Glamm spokesperson said Saggi is likely to take a global role going forward.
The Warburg Pincus-backed startup, which reported a loss in FY23, has been trying to raise capital, merge with a large brand roll-up aggregator or sell some brands, the people said.
Roll-up aggregators are companies that adopt the model of Thrasio Holdings, a US startup that bet on the concept of economies of scale by acquiring and consolidating third-party sellers on Amazon. The aim is to help portfolio brands grow faster, save costs and give brand founders an attractive exit.
“Initial talks of a share-swap arrangement with a Thrasio-style aggregator have also been held and so are talks with large incumbents in the FMCG space,” the second person said. “They are talking to every sizeable player in the country today to either merge or sell some key brands.”
Good Glamm has been trying to sell some key brands including Sirona, The Mom’s Co, and Organic Harvest, the person added. The Good Glamm spokesperson denied that the startup was selling any brands.
“The news about us selling our brands is untrue. We are currently in the last stage of negotiations for a new pre-IPO round. In fact, we should be in a position to announce the same in the next couple of weeks,” the spokesperson said in an emailed response.
The Good Glamm Group, which acquired 10-12 brands across beauty and personal care, new-age media and influencer marketing in FY21, is now closing those deals.
The company was valued at $1.2 billion when it raised $150 million from investors led by Prosus Ventures and Warburg Pincus in November 2021. It also counts Accel, Flipkart, Bessemer Venture Partners, and Tano Capital, among others, as its investors.
The Good Glamm Group, founded in 2015 by Darpan Sanghvi, sells beauty and personal-care products. It has grown inorganically by acquiring brands such as PopXO, Baby Chakra, Mom’s Co, ScoopWhoop, MissMalini Entertainment, Sirona and St Botanica.
Last year, Priyanka Gill, another cofounder of the company, left to join early-stage venture capital firm Kalaari Capital.
The company’s net loss widened to ₹917 crore in FY23 from ₹362.5 crore in the previous year. This came on the back of revenue of ₹603 crore in FY23, up from ₹211.4 crore in FY22, the company’s regulatory filings showed.
