Joseph Rai

Mumbai-listed eyecare hospital chain Lotus Eye Hospital and Institute Ltd has hired a banker to look for a buyer, said two people close to the matter.

Spark Capital is running the mandate for Coimbatore-based Lotus Eye Hospital and the company has already attracted interest from potential buyers, the people cited above said on the condition of anonymity. They did not disclose the potential deal size.

Hospital firm Kovai Medical Centre and private equity-backed eyecare chains, ASG Hospital and Dr Agarwal’s Health Care Ltd are in the fray to buy Lotus Eye Hospital, they added.

An email sent to Lotus Eye Hospital and Kovai Medical Centre did not elicit a response. Dr Agarwal’s declined to comment. An ASG Hospital spokesperson said that it prefers not to comment on speculation but is constantly in strategic discussions with various chains and regional players in line with its mission. A message sent to a Spark executive went unanswered.

Lotus Eye Hospital was founded by Late Dr S. K. Sundaramoorthy in 1990. It was incorporated as Kalaivani Health Centre and was renamed as Lotus Eye Care Hospital Pvt. Ltd in 2006 before getting listed in 2008. It got rebranded to its current name in 2013. The hospital currently runs seven centres in Tamil Nadu and Kerala.

The eyecare chain posted revenue of ₹38.91 crore in fiscal 2021-22, up from ₹32.37 crore in the previous year, according to stock exchange data. It clocked net profit of ₹2.98 crore during the period as compared to ₹1.57 crore. It had a market capitalization of ₹162.63 crore. The company’s shares have remained buoyant in the past few weeks ending at ₹78.2 apiece, up 0.58%, on Tuesday.

Potential buyer Kovai Medical Centre is a multispecialty hospital based in Coimbatore. Kovai was conceived by Dr Nalla G. Palaniswami in 1985. He was joined by NRIs from the US, the UK, Australia and the Middle East to start operations from 1990, according to its website. Kovai Medical Centre posted revenue of ₹906 crore in fiscal 2021-22 as compared to ₹690 crore in the previous financial year. Its net profit grew to ₹104.26 during the period from ₹77.69 crore.

Two other interested buyers, ASG Hospital Pvt. Ltd and Dr Agarwal’s Health Care Ltd, are flush with fresh capital raised from private equity players in recent months.

Late last month, ASG Hospital raised a ₹1,500 crore funding led by General Atlantic and Kedaara Capital in the largest private equity funding in the eyecare sector. This came close on the heels of the ₹1,050 crore fundraise by Dr Agarwal’s in May. Both firms have lined up acquisition plans besides building on their organic growth strategy.

Earlier this month, VCCircle reported that ASG Hospital and Dr Agarwal’s were also separately in the talks to buy International Finance Corp (IFC)-backed eyecare chain Eye-Q Vision Pvt. Ltd

Arun Singhvi, co-founder, chairman and managing director, ASG, said in a recent interview that it will not shy away from big acquisitions and is not averse to partnering with PE-backed companies, depending on the quality of the assets.

The company was in talks with 20-25 eyecare practices, mostly from western and southern India, for acquisitions, he said.

Notably, the committee of creditors of Vasan Healthcare has selected ASG Hospital to buy the once-haloed Chennai-based eyecare chain that has a strong presence in south India. The decision is awaiting final approval from the National Company Law Tribunal (NCLT).

Adil Agarwal, chief executive of Dr Agarwal’s Group of Eye Hospitals, had said in an interview previously that the company is keen to partner with PE-backed eyecare chains and has set an acquisition ticket size of $30-40 million.

Mumbai-listed eyecare hospital chain Lotus Eye Hospital and Institute Ltd has hired a banker to look for a buyer, said ......

Lotus Eye Hospital hires banker to scout for buyer

Healthcare

Ranjani Raghavan

SoftBank Group Corp. on Monday said it has marked down its investment in Paytm by $400 million for the quarter ended June, adding to its overall loss of $23.1 billion for the period.

The tech firm’s investment cost in One97 Communications, the parent of Paytm, was $1.4 billion in 2017, made through a mix of primary and secondary share purchases. The fair value of its investment stood at $1 billion at the end of 30 June, according to its financial statement posted on Monday, indicating an on-paper loss of $400 million.

Paytm shares closed at ₹835 on Monday, gaining over 20% from ₹675 on 30 June.

The value attributed to Paytm in the June quarter is also higher than what SoftBank attributed to Paytm in the March 2022 quarter.

At the time, Paytm was marked down to $800 million, indicating a $600 million loss.

SoftBank has three India-listed companies from Vision Fund 1. Besides Paytm, Softbank reported it is in the money with respect to Delhivery and Policybazaar parent PB Fintech. All three companies went public over the last year.

SoftBank marked the fair value of Delhivery at $900 million, well over its investment cost of approximately $400 million, according to its latest report.

Delhivery went public on 23 May this year.

Its investment in Policybazaar is also marked up at around $300 million, from its investment cost of around $100 million.

However, shares of PB Infotech are down by over 57% since it went public and were trading at ₹557.20 on Monday.

SoftBank Vision Fund 1 reported a $9.4 billion loss in fair value in Didi Global in the latest quarter, following the Chinese government’s crackdown on companies listed in the US.

The firm said it had sharply cut back on investments from its vision funds as it was being selective.

In the April- June quarter, it had approved investments worth around $600 million, compared with $20.6 billion in the same period last year.

Its recent investments in India made from SoftBank Vision Fund 2 include consumer tech startups such as Lenskart, Meesho, and Unacademy, as well as software as a a service, or SaaS, investments such as Juspay and Whatfix.

SoftBank Group Corp. on Monday said it has marked down its investment in Paytm by $400 million for the quarter ended ......

SoftBank marks down investment in Paytm

Anuj Suvarna

WebEngage, a user engagement software-as-a-service (SaaS) startup run by Webklipper Technologies Pvt. Ltd, has raised more than $10 million (around ₹76 crore) in a Series B round led by SWC Global Fund, according to regulatory filings. This followed the company raising $6 million from Singularity Ventures in June, the filings showed.

The ongoing round is expected to see the startup raise $18-20 million, said two people aware of the development requesting anonymity.

The round also saw participation from existing investors IQ Fund and Blume Ventures who invested ₹18 crore and ₹8 crore respectively. Individual investors Sonali Patel and Kushal Jayesh Khandwala also took part.

In May, WebEngage announced it will be working with Adani Group to streamline the group’s consumer engagement efforts. The group companies include Adani Airports, Adani Gas, Adani Electricity, Adani Wilmar, Adani Realty and Adani Capital.

WebEngage counts companies like Unilever, L’Oréal, Bajaj Auto, Unacademy, Myntra, Pluralsight, Pepperfry, Junglee Games, HT Media, FirstCry, eXtra Stores, GoIbibo as its clients.

The Mumbai-based startup was founded by Avlesh Singh and Ankit Utreja in 2011.

It provides marketing automation software that helps business-to-customers (B2C) companies derive more revenues from existing customers and anonymous users.
WebEngage’s solutions allow online businesses to run promotions and offers on their websites and gather customer insights.

In 2018, WebEngage raised an undisclosed amount from former Facebook executive Chamath Palihapitiya-led Social Capital. It had previously raised two rounds of funding, from Indian Angel Network and New York-based GTI Capital respectively.

In 2016, Bengaluru based-based Capillary Technologies Pvt Ltd took a minority stake in WebEngage.

WebEngage, a user engagement software-as-a-service (SaaS) startup run by Webklipper Technologies Pvt. Ltd, has raised ......

WebEngage raises over $10 mn in Series B

Venture capital firm IvyCap Ventures on Monday said it has appointed Tej Kapoor as its managing partner. 

Prior to this appointment, Kapoor was global partner at Fosun and head of Fosun RZ Capital India and Southeast Asia. Some of Fosun RZ Capital's portfolio companies in India include Delhivery, Ixigo, Kissht, DOT Pay, Desty, Mylo, Letstransport, Headfone, Makemytrip and Trell. 

In his new role, Kapoor will help drive IvyCap's next phase of growth and invest in sectors including fintech, consumer tech, Web 3.0 and gaming, said IvyCap in a statement. He will also help in global expansion of IvyCap as he brings his international experience in the US, the UK and China. 

Earlier, Kapoor was country head for Daily Mail Group of London and strategy head for Naspers India. He also held several positions at AOL in the US, the statement noted. 

"In his (Kapoor) journey, he has worked with several companies and I have seen them enter life cycle from early stage investing to the IPO," noted Vikram Gupta, founder and managing partner, IvyCap Ventures, in the statement. 

"His knowledge, global perspective and ability to help founders scale business will help in strengthening the IvyCap Ventures portfolio and thereby adding unprecedented value to the entire ecosystem," added Gupta. 

IvyCap Ventures is raising its third fund, which marked the first close at Rs 1,608 crore earlier in February. 

IvyCap built a venture capital model around the global IIT Alumni ecosystem with endowment at its core.  Currently, IvyCap has over 65 core mentors with an additional 5000 alumni in its inner circle of support. With every exit, the mentor trust receives a payout. 

The venture capital firm currently manages a portfolio of more than 30 companies including Purplle, Clovia, BlueStone, Biryani by Kilo, Convosight, Miko and Elucidata. It has also made six partial and full exits. 

Venture capital firm IvyCap Ventures on Monday said it has appointed Tej Kapoor as its managing partner. 

Prior to ......

IvyCap ropes in Fosun RZ Capital India & Southeast Asia head as managing partner

People

Debjyoti Roy

The Good Glamm Group, which recently became the second direct-to-consumer brand to enter the prestigious unicorn club, has acquired MissMalini Entertainment, one of the country’s largest celebrity media and influencer talent management network, for an undisclosed amount. 

The transaction will provide Good Glamm Group, the parent entity of MyGlamm, access to a robust network of influencers, celebrities and market know-how strongly enhancing its unique content-to-commerce play in the country, the company said in a statement on Monday. Post the accquisiton, the company will be operated as an independent entity. 

“We have admired MissMalini over the years. They were the first movers in the Influencer space, are the leading digital voice on Bollywood and the Girl Tribe is turning into a highly engaged and relevant community. We see all these elements and expertise as highly valuable pieces in the ambitious Content to Commerce disruption we are creating in India,” Darpan Sanghvi, CEO at Good Glamm Group, said, explaining the rationale for the acquisition. 

MissMalini’s 5 business divisions- MissMalini Media (multi-format original content and marketing), Girl Tribe by MissMalini (women’s community platform), Ignite Edge (celebrity & talent management), Agent M Creative (Creative Agency) and MM Studios (video production house)- will be closely working with Sanghvi-led group now onwards. These digital assets are said to be reaching to over 60 million people a month. 

“Becoming part of Good Glamm Group will be hugely beneficial for both parties, whether in terms of our massive, combined industry footprint or opening new avenues for growth in this digital first world,” Malini Agarwal, founder at MissMalini, said. 

MyGlamm was founded in 2017 by Sanghvi and Priyanka Gill. The company claims to be India’s fastest-growing D2C beauty brand, with a range of over 800 cruelty-free and vegan products across categories such as makeup, skincare, and personal care. It also has over 30,000 offline points of sale across 70 cities of India.   

Sanghvi Beauty and Technologies, which operates direct-to-consumer (D2C) beauty products brand MyGlamm, unveiled The Good Glamm Group in September under which it has consolidated its various businesses in a bid to strengthen its position as a ‘digital house of brands’ powered by a content-to-commerce strategy.

Last month, the group bought cosmetics ventures St.Botanica and Oriental Botanics. In October, the company acquired digital media and lifestyle content platform Kalaari Capital-backed ScoopWhoop Media Pvt Ltd. It also bought baby-care products startup The Moms Co for an undisclosed sum the very same month. 

Besides MyGlamm (cosmetics brand) and these acquired assets, the company also owns POPxo (cosmetics brand for tweens) and Baby Chakra (baby products brand). 

The Good Glamm Group is particularly bullish on haircare, particularly hair colour, as it feels that e-commerce penetration in hiarcare is less than 3.8% despite the broader category touted at $3 billion. Sanghvi is equally optimistic that The Good Glamm’s content to ecommerce moat and superior products can also be helpful to get deeper in skincare as well. The company is targeting to go public by Diwali 2023. 

The Good Glamm Group, which recently became the second direct-to-consumer brand to enter the prestigious unicorn club, has acquired...

Good Glamm Group acquires multi-platform content platform MissMalini

Consumer

Shubhobrota Dev Roy

Upskilling unicorn upGrad on Monday said it has secured $210 million (around Rs 1,638 crore) in a fresh round of funding from a clutch of investors including ETS Global, Bodhi Tree (a JV of James Murdoch and Uday Shankar) and  Singapore's Kaizen Management Advisors Pvt. Ltd.

The round also saw participation from Bharti Airtel’s family office, Narotam Sekhsaria Family Office (Ambuja Cements and ACC), and Artian Investments (Family Office of Lakshmi Mittal - ArcelorMittal), with existing investors Temasek, IFC and IIFL.  

Mumbai-based upGrad’s founder group also invested $12.5 million in this round to maintain their over-50% ownership in the company, it said in a statement.

With this new fundraise, upGrad looks to increase its team strength to 7,600 from the present 4,800. It also aims to include about 170 full-time faculty, 1,600 teachers, and over 5,000 on-contract coaches and mentors, the statement added.

UpGrad Education Pvt. Ltd, which runs the upGrad platform, was founded in 2015 by Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli. This year, the company has made five acquisitions so far, including Exampur, taking the total tally to ten deals till date.  

“We have always been capital efficient while growing 100% year-on-year and hope to retain that discipline," said upGrad co-founders, Ronnie Screwvala and Mayank Kumar in a joint statement. 

UpGrad has remained bullish with its program completion rate of over 80%. 40% of the company's total revenue is realised from repeats and referrals year-on-year, it said.

The edtech industry, which boomed during the pandemic as teaching moved online, has witnessed major funding crunch and moderation in valuations with the reopening of educational institutions.

With a focus on conserving costs, several have resorted to mass layoffs and trimming discretionary spending.  

Over the past several months, edtech unicorns Byju’s, Unacademy, Vedantu and other smaller players such as Lido Learning, FrontRow, Udayy, and SuperLearn have either fired or asked hundreds of employees to leave as they shut some of their operations to cut costs. 

Besides edtech, the broader startup ecosystem has also suffered large layoffs with companies like FrontRow, Meesho, CityMall, Mobile Premier League, Cars24, MFine, Furlenco and Trell firing employees over the past few months.  

Upskilling unicorn upGrad on Monday said it has secured $210 million (around Rs 1,638 crore) in a fresh round of funding......

UpGrad pockets $210 mn in fresh funding

Startups

Brightcom Group Ltd, an ad-tech company, has acquired Vuchi Media Pvt Ltd, which operates MediaMint, a digital consulting and operations services firm for Rs 566 crore (around $75 million), both the companies said in a statement.   

The cash-and-stock deal includes Rs 360 crore (around $48 million) in cash and Rs 170 crore (around $23 million) in Brightcom Group stock. Another Rs 36 crore will be paid in six months from the closing of the deal, it said.   

Vuchi Media Pvt Ltd, which owns the MediaMint brand, was founded in 2010. It supports display, video, and mobile advertising services for ad agencies, publishers, and platforms. It employs over 1,300 employees and has clients like Pinterest, New York Times, Netflix, Cox Automotive, Expedia among others, it said.

MediaMint said it expects to close the financial year 2022 with revenues of Rs 187 crore.    

The companies stated post-acquisition MediaMint's leadership team will continue in the business. Co-founder Aditya Vuchi will stay on for six months to ensure a smooth transition. 

"MediaMint will enable us to build more robust solutions and bring them to our customers faster. Additionally, we see the potential for strong organic growth in MediaMint's backend services business as well,” Suresh Reddy, chairman of Brightcom Group said in a statement.

He added MediaMint has built operations that can scale easily due to their high-quality systems. the acquisition will immediately and meaningfully to Brightcom’s earnings.   

Brightcom Group, which was formerly named Lycos Internet Limited, was incorporated in the year January 1999, it is an Ad-tech and software development company, engaged in providing technical solutions to digital advertisement, marketing and information management sectors through tech, new media, and the Internet of things-based businesses.   

Tempus Legal served as the legal counsel and EY as financial advisor to Brightcom Group in this transaction while Sathguru Management Consultants acted as sole transaction consultant for MediaMint.

Brightcom Group Ltd, an ad-tech company, has acquired Vuchi Media Pvt Ltd, which operates MediaMint, a digital consulting and...

Brightcom Group acquires digital consulting firm MediaMint for Rs 566 cr

Beena Parmar

Government-backed National Investment and Infrastructure Fund Ltd (NIIF) has fully acquired Shapoorji Pallonji Group’s SP Jammu-Udhampur Highway Ltd (SP Jammu-Udhampur) through its NIIF Master Fund, for $290 million (around Rs 2,280 crore).

“The operational road in the union territory of Jammu and Kashmir (J&K) will be managed by NIIF Master Fund’s proprietary roads platform, Athaang Infrastructure,” NIIF said in a statement. 

This acquisition adds a fourth asset to the fund’s road portfolio with an aggregate revenue rate of more than $170 million per annum.  

“We are now amongst the largest institutional investors in J&K with two large road acquisitions. This acquisition reinforces our underwriting capabilities in closing a complex transaction involving simultaneous equity closure and refinancing of listed non-convertible debentures (NCDs),” said Vinod Giri, managing partner, NIIF Master Fund. 

In addition to the road sector platform, Master Fund has anchored platforms in ports and logistics, renewables, data centres and energy smart meters sectors.

In July, NIIF Master Fund announced the purchase of Navayuga Quazigund Expressway, another road asset in Jammu and Kashmir. The fund’s roads portfolio also includes 6-laned Devanahalli Tollway in Bengaluru and the 4-laned Dichpally Tollway in Telangana. 

“The asset fits well with NIIF Master Fund’s strategy to have a balanced portfolio with a mix of toll and annuity assets. We will continue to build the NIIF Master Fund Road portfolio with an efficient selection of high-quality assets and superior O&M practices,” added Giri. 

This year in June, Master Fund had also announced an investment of around Rs 2,250 crore to acquire around 22.5% in Hindustan Ports Pvt. Ltd (HPPL), a wholly-owned subsidiary of UAE government-controlled firm, DP World.

The latest road asset SP Jammu Udhampur Highway developed the highway project under concession from the National Highways Authority of India (NHAI) on a build-operate-transfer (BOT) basis. The project receives fixed, semi-annual payments from NHAI, providing steady and predictable cash flows.  

This four-laned 64.5 km highway includes a 1.4 km twin-tube tunnel stretch.

Anchored by the central government, NIIF manages over $4.3 billion of equity capital commitments across its three funds – Master Fund, Fund of Funds, and Strategic Opportunities Fund.  

In December 2020, NIIF Master Fund marked its final close at $2.34 billion, with Canadian pension fund Public Sector Pension Investment Board (PSP Investments), US International Development Finance Corporation (DFC) and Axis Bank, among its Limited Partners (LPs). Its other key LPs include Abu Dhabi Investment Authority (ADIA), AustralianSuper, CPP Investments, Ontario Teachers’ Pension Plan, Temasek, HDFC Group and ICICI Bank.   

Master Fund is one of India’s largest infrastructure funds that invests in businesses and assets across core infrastructure sectors. With considerable experience in investing and operating infrastructure assets, the fund focuses on areas that are critical to India’s economic development and long-term growth prospects.

Meanwhile, NIIF recently closed over 50% of its intended target corpus for its direct private equity fund to make bets on both 'sizeable' traditional and new-age companies such as FirstCry, its first investment in the digital ecosystem and latest investment in Bengaluru-based electric two-wheeler company Ather Energy. 

Government-backed National Investment and Infrastructure Fund Ltd (NIIF) has fully acquired Shapoorji Pallonji Group’s......

NIIF acquires 4th road asset under its Master Fund

Infrastructure

Arrivae, a made-to-order furniture manufacturer and home improvement company, has raised Rs 50 crore (around $7 million) in a Series B funding round led by the Havells Group, the company said in a release on Monday.  

The round also saw participation from Emerge Capital and existing investors.  

In October, VCCircle reported, the furniture maker had raised Rs 50 crore led by Rakesh Jhunjhunwala with participation of the Enam family; Siddharth Yog, Founder of Xander Group; Anand Jain, Chairman of Jai Corp; Harsh Jain, Founder of Dream 11; and Ramesh S Damani, Chairman of DMart.    

Founded by Yash Kela, Arrivae, which is operated by Singularity Furniture Pvt Ltd, offers custom interior design solutions from demand mapping to installation supported by in-house technology, the statement said.     

“I believe in the massive size of the opportunity; the value shift from unorganised onsite work to organised custom-made factory finish deliveries, the integrated supply chain defensibilities and the prospect of solving the inefficiencies of time, cost and hassles faced by a customer,” Kela said.    

Kela is also Founder of Singularity AMC, which invests in Series B and D stage firms, according to his LinkedIn profile.   

Anil Rai Gupta, Chairman of Havells Group said, “As the large Rs 4 lakh crore fragmented global home improvement space sees a value shift from unorganised to organised, there is a great opportunity, but not without its unique challenges. In this context, Arrivae stands out in both how they have built an integrated supply chain while solving the problem of design variety for the consumer, and the capital efficiency of their model.”    

The company has a presence in 19 cities through 35 stores.   

The furniture and home improvement segment has witnessed investor interest in recent times.  

In September, Design Café raised $25 million (Rs 166 crore) in its extended Series B funding round, led by existing investor WestBridge Capital and joined by Sixth Sense Ventures.     

In the same month, interior design platform HomeLane raised $50 million (Rs 371 crore) in a Series E round of funding, led by IIFL AMC’s late-stage tech fund, Oman India Joint Investment Fund (OIJIF II) and Stride Ventures.  

Arrivae, a made-to-order furniture manufacturer and home improvement company, has raised Rs 50 crore (around $7 million) in a...

Rakesh Jhunjhunwala-backed Arrivae raises $7 mn in Series B funding round led by Havells Group

Retail

The Good Glamm Group, which is on an acquisition spree, is in talks to invest in a male grooming brand, three people familiar with the deal said. The Group, which recently emerged as the second unicorn in the direct-to-consumer(D2C) space in the country, is in discussion with Delhi-based Happily Unmarried Marketing Pvt. Ltd, to invest in its male-focussed brand named Ustraa that offers lifestyle products under the brand 'Happily Unmarried'. 

Ustraa has appointed the investment banking arm of Kotak Mahindra Bank to scout for potential investors for a fresh fundraise, a third person said, adding that the company is seeking a valuation of nearly Rs 500 crore. All three persons spoke on condition of anonymity. 

While an Ustraa spokesperson termed the development as "speculation and incorrect", the Good Glamm Group declined to comment on the same. An email query sent to Kotak Mahindra Bank didn't elicit any response till the time of publishing this news report. 

The MyGlamm parent entity is bullish on the male grooming category and hence been involved in talks with several new-age brands in the category, one of the people cited above said. He added that the Good Glamm Group had in recent past also initiated talks with Bombay Shaving Company (BSC) but the deal did not materialise. When contacted earlier, the Good Glamm Group had denied the development. BSC had confirmed the inbound strategic interest but not revealed names of potential investors. 

Ustraa, which was launched in 2014, currently offers a wide range of products in categories such as beard care and accessories, hair care, fragrances and washes like face wash, body wash and soaps. Apart from its own website, the brand also has presence in over 30 ecommerce marketplaces. Currently, Ustraa also supplies its products to over 5,000 physical outlets across the country. 

MyGlamm was founded in 2017 by Sanghvi and Priyanka Gill. The company claims to be India’s fastest-growing D2C beauty brand, with a range of over 800 cruelty-free and vegan products across categories such as makeup, skincare, and personal care. It also has over 30,000 offline points of sale across 70 cities of India. Sanghvi Beauty and Technologies, which operates brand MyGlamm, unveiled The Good Glamm Group in September under which it has consolidated its various businesses in a bid to strengthen its position as a ‘digital house of brands’ powered by a content-to-commerce strategy.   

The Group has been on an acquisition spree in the recent past. On Tuesday, the Good Glamm Group announced to have invested Rs 100 crore in Sirona, a startup that deals into feminine hygiene products. Recently, the Group also acquired Miss Malini Entertainment, one of the country’s largest celebrity media and influencer talent management network, for an undisclosed amount. 

St.Botanica and Oriental Botanics, two cosmetics companies, were purchased by the group last month. ScoopWhoop Media Pvt Ltd, a digital media and lifestyle content platform backed by Kalaari Capital, was acquired in October. That very month, it purchased baby-care goods firm The Moms Co for an unknown sum. The company also owns POPxo (a tweens' focused cosmetics brand) and Baby Chakra, in addition to MyGlamm (a cosmetics brand) and these acquired assets (baby products brand). 

The Good Glamm Group is particularly bullish on haircare, particularly hair colour, as it feels that e-commerce penetration in haircare is less than 3.8% despite the broader category touted at $3 billion. Sanghvi is equally optimistic that The Good Glamm’s content to ecommerce moat and superior products can also be helpful to get deeper in skincare as well. The company is targeting to go public by Diwali 2023.

The Good Glamm Group, which is on acquisition spree, is in talks to invest in a male grooming brand, three people familiar with...

Good Glamm Group eyes investment in male grooming brand Ustraa

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