Indian group Good Glamm acquires majority stake in Organic Harvest
India’s beauty and personal care giant turned content provider, and new unicorn, continued its wave of acquisitions by taking a majority stake in one of the country’s leading organic personal care brands.
Financial details of the deal were not disclosed, although Good Glamm Group founder and chief executive Darpan Sanghvi told BoF it would include Good Glamm Group injecting $10 million in principal capital into the deal. brand, and seeing Organic Harvest founder and CEO Rahul Agarwal take a stake in Good Glamm Group.
For Good Glamm Group, which started life as a direct-to-consumer (DTC) beauty brand MyGlamm before expanding over the past 15 months to include a stable of acquired content platforms – such as Community female-focused digital platform Popxo, influencer marketing platform Plixxo, parenting platform BabyChakra, male-focused digital platform ScoopWhoop – this investment represents the group’s entry into organic personal care.
“With the movement towards clean beauty, organic is going to be the next trend in India,” Sanghvi said, adding that their goal is to grow Organic Harvest from $10 million in annual revenue to $100 million by now. three years. Other brands in the Good Glamm group include The Moms Co. (baby care), St. Botanica (hair care and skin care) and Sirona Hygiene (feminine hygiene).
For Organic Harvest, which has developed a largely offline and wholesale business to date, an alliance with Good Glamm Group gives it immediate digital scale, potential for a much larger DTC revenue stream, and an extensive network of content creators who can educate consumers about its organic message.
“It’s a challenge we’ve always faced as a brand because the consumer doesn’t necessarily understand what the difference is between natural, plant-based, organic and that’s where we see the opportunity, if we can educate the consumer…we will be true leaders in the personal care category,” said Agarwal.
Good Glamm Group became Amazon’s first bet on an Indian consumer brand when the e-commerce giant invested in MyGlamm in March 2021. In November 2021, the group achieved unicorn status after additional funding of 150 million Series D dollars.
Sanghvi says the group is currently recruiting 430,000 new users to its platforms each month, and signaled that the streak of acquisitions it has been pursuing during the pandemic period will not end anytime soon as the group seeks to better leverage advantage of synergies between online content players. and brands in its portfolio.
“A lot of the brands we acquired last year are already starting to grow and we’re starting to see the thesis come to fruition and so you’re going to see us doing more exciting things,” Sanghvi said.
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