Startup Deep Dive : Sirona Hygiene — founders bought it back for a third of what Good Glamm paid

In October 2024, the Good Glamm Group paid Rs 450 crore (~$46.9 million, at $1 ≈ Rs 96.0 as of 18 September 2026, Trading Economics) to fully own Sirona Hygiene, the Gurugram-based menstrual cup and intimate-hygiene brand behind PeeBuddy. Four months later, Sirona’s own founders bought the company back for a reported Rs 150-180 crore, well under half the price the group had just paid.

That reversal is not a footnote. It is the story: a bootstrapped femtech brand that grew into a full acquisition, watched its new parent’s finances unravel, and clawed back control inside a single financial year, one in which its revenue still fell 23% to Rs 77 crore. What happened in between explains how a founder-led D2C brand thinks about ownership, margin and survival in India’s crowded feminine-hygiene market.

Quick facts

What they do

Sirona sells intimate and menstrual hygiene products to Indian women, mostly online. Its catalogue runs from PeeBuddy, a disposable stand-and-pee device for use in unhygienic public toilets, to menstrual cups, biodegradable sanitary pads, herbal period-pain patches, paraben-free intimate wash, and, since 2026, a menopause and perimenopause care line built around plant-based phytoestrogens, as reported to Indian Retailer in May 2026. The brand positions itself against both legacy FMCG sanitary-pad makers and a newer wave of D2C hygiene start-ups, selling through its own website, marketplaces, quick commerce and a small but growing offline footprint.

The origin

The idea traces to a 2013 road trip from Delhi to Jaipur. Deep Bajaj watched his wife and other women in the group ration water for hours because the highway had no usable toilets for women, a problem he says he had also seen organising events where female washrooms were consistently inadequate, as he told The Better India in December 2021. A friend’s offhand remark about having once seen a makeshift device for women to urinate standing up stuck with him. Bajaj, an engineer by training, spent the next two years developing a disposable paper funnel for the purpose and named it PeeBuddy.

He registered Sirona Hygiene in July 2015 with his brother, Mohit Bajaj, widening the mandate beyond one product to what Deep Bajaj has repeatedly called the “unaddressed” intimate and menstrual hygiene needs of Indian women, a category that had FMCG incumbents but few founder-led challengers at the time. PeeBuddy launched first; menstrual cups, pain-relief patches and washes followed as the company found its footing as an online-first brand.

The struggle years

Sirona’s growth was real but its losses grew faster for years. Revenue rose from about Rs 42 crore in FY22 to Rs 75.8 crore in FY23, an 80% jump, but the net loss nearly doubled in the same stretch, from Rs 16.8 crore to Rs 33.1 crore, according to Inc42’s analysis of the company’s FY23 filings. Scaling an online hygiene brand, it turned out, meant scaling customer-acquisition spend just as fast as sales.

The bigger jolt came from outside the balance sheet. In October 2024, the Good Glamm Group completed a full, all-cash acquisition of Sirona for Rs 450 crore, reported by both Entrackr and Entrepreneur India that same month. Good Glamm was, by then, a beauty and personal-care roll-up that had spent years acquiring D2C brands. Within months, reports of the group’s own distress surfaced: Indian Startup News reported in February 2025 that Good Glamm was carrying debt above Rs 500 crore and had seen investors exit, forcing it to sell assets to raise cash. Sirona, barely absorbed into the group, was one of those assets. The disruption shows up in the numbers: Sirona’s revenue from operations fell 23% to Rs 77 crore in FY25, a year that included being acquired, run under a parent in financial distress, and then reclaimed by its founders, per Entrackr’s March 2026 report on the FY25 filings.

The turning point

The turning point is the reversal itself. On 18 February 2025, Deep Bajaj announced on LinkedIn that he and Mohit Bajaj had bought Sirona back from the Good Glamm Group, a development covered by Entrackr, YourStory and Storyboard18 within days. The buyback was reported to be valued at Rs 150-180 crore, against the Rs 450 crore the group had paid just four months earlier, a gap Storyboard18 and Indian Startup News both attributed to Good Glamm’s need to cut debt rather than to any change in Sirona’s underlying business. “The goal was never just to sell,” Bajaj told BW Disrupt, framing the buyback as the founders reclaiming a brand they still saw as unfinished business rather than a distress sale of a failing asset.

Numbers on each side of the event: a business valued at Rs 450 crore under group ownership in October 2024, sold back for roughly a third of that within the same financial year, to founders who then had to rebuild revenue that had fallen 23% during the transition.

The money behind it

• Angel round (pre-2021): more than 80 investors in total across Sirona’s history, including named angels Vikas Kuthiala and Ishan Singh, backed the early PeeBuddy and menstrual-cup line, per Tracxn’s investor data.
• Series A – $3 million, April 2021: led by NB Ventures and IAN Fund, this was Sirona’s first institutional round and funded scaling beyond a founder-run operation, as reported by YourStory and Entrepreneur India in April 2021.
• Good Glamm Group – reported ~Rs 100 crore, December 2021: the beauty roll-up took a large stake, later escalating to a full buyout; Good Glamm has said this initial bet returned early angel and seed investors 6x to 20x, per Entrackr’s October 2024 report.
• Good Glamm Group full acquisition – Rs 450 crore, October 2024: converted Sirona into a wholly owned subsidiary in an all-cash deal, reported by Entrackr, Entrepreneur India and Business Standard.
• Founder buyback – reported Rs 150-180 crore, February 2025: Deep Bajaj and Mohit Bajaj reacquired full ownership from a debt-laden Good Glamm Group, per Entrackr and YourStory.

Total lifetime funding is reported inconsistently across trackers: Tracxn puts cumulative funding at $6.34 million over six rounds, while Inc42 and CB Insights put it closer to $16.6-17 million once the Good Glamm Group’s 2021 investment is counted as a funding round rather than an acquisition step. Sirona is private and does not disclose a single official cumulative figure.

How it makes money

Sirona is a product company, not a platform: it earns by manufacturing and selling physical hygiene products at a retail markup, across its own website, e-commerce marketplaces, quick commerce and a smaller offline network. There is no take rate or commission line; the entire model rests on gross margin per unit sold minus the cost of acquiring that sale.

• Money in: product sales across Sirona.com, Amazon, Flipkart, Meesho, Myntra, Nykaa and Purplle, plus quick commerce apps including Blinkit and Swiggy Instamart, per Indian Retailer’s October 2022 report on channel growth.
• Money out – FY25 cost lines (Entrackr, March 2026): advertising Rs 26 crore (down 36% year-on-year), cost of materials Rs 26 crore, warehousing Rs 10 crore, and employee benefits Rs 5 crore, against total expenditure of Rs 91 crore.
• Where the margin sits: in premium, harder-to-copy categories such as menstrual cups and the new menopause line, versus commodity categories like sanitary pads where FMCG incumbents can out-discount a smaller D2C player.
• The part people get wrong: a D2C label suggests asset-light profitability, but Sirona spent Rs 1.18 for every Rs 1 of revenue in FY25, per Entrackr’s calculation from the company’s filings. Cutting the loss required cutting advertising spend by over a third, not just growing sales.

The numbers

Sources: FY22 and FY23 figures per Inc42’s report on Sirona’s FY23 filings (published 2023); FY24 and FY25 figures per Entrackr’s fintrackr report on Sirona’s FY25 filings, published March 2026. Note the shape: three years of widening losses through FY24, then a sharp cut in FY25, even as revenue fell, as the company reined in advertising spend following the ownership upheaval.

Where the money comes from

• Channel split (as of May 2026, Indian Retailer): roughly 80% of revenue comes from online channels, marketplaces, D2C and quick commerce combined, with the remaining 20% from offline retail and exports.
• Offline footprint: large-format retail such as Metro Cash & Carry and Walmart, modern trade chains DMart and Reliance, pharmacy chains Apollo and Guardian, and a growing network of vending machines at malls, railway stations and, per the company’s stated plans, airports and metro stations.
• Product mix, cumulative to late 2021 (The Better India, December 2021): PeeBuddy had sold roughly 3 million units, period pain patches around 400,000 packs, and menstrual cups were approaching 1 million units, giving a sense of category weight even though these are older, pre-acquisition figures.
• Geography (as of December 2021, The Better India): the customer base had shifted from about 70% Tier-1 cities before the COVID-19 pandemic to a roughly 55:45 Tier-1 to Tier-2/3 split, indicating hygiene-product demand was broadening beyond metro India even several years before its current expansion push.
• The surprise: the newest category, menopause and perimenopause care launched in 2026, is a bet that Sirona’s next growth leg lies outside its founding categories of menstrual and urination products altogether, a diversification the company has flagged publicly but not yet backed with disclosed revenue numbers.

The risks

• Parent-company risk resurfaces easily: Sirona’s brief spell inside the Good Glamm Group, a business reported to be carrying more than Rs 500 crore in debt by February 2025 per Indian Startup News, shows how a strategic acquirer’s own balance-sheet stress can become the acquired company’s problem within months, even when the underlying brand is healthy.
• Profitability is still unresolved: Sirona has not reported a profitable fiscal year across FY22 to FY25; FY25’s Rs 22.6 crore loss on Rs 77 crore of revenue from operations means the company was still spending more than it earned, per Entrackr’s March 2026 report, right as it targets Rs 500 crore in revenue within two to three years, per its own May 2026 statement to Indian Retailer.
• Crowded, price-sensitive category: Sirona competes against both deep-pocketed FMCG incumbents in sanitary pads and a cluster of newer D2C rivals such as Pee Safe, Nua and Plush, in a market where quick-commerce discounting compresses margins for smaller players, a dynamic flagged in independent brand comparisons of the category.

The takeaway

Being acquired is not the finish line founders sometimes treat it as. Sirona’s arc, from a Rs 100 crore group investment in 2021 to a Rs 450 crore full buyout in 2024 to a founder buyback at a third of that price four months later, is a reminder that a strategic acquirer’s stability matters as much as its cheque size. Deep Bajaj and Mohit Bajaj ended up owning their company again, but only after a fiscal year in which revenue fell 23% amid the churn. The lesson travels well beyond feminine hygiene: due diligence on who is buying you, and how sound their own books are, matters as much as the price they are willing to pay.

Frequently asked questions

Who founded Sirona Hygiene and when?

Deep Bajaj and his brother Mohit Bajaj founded Sirona Hygiene in July 2015 in Gurugram, starting with the PeeBuddy stand-and-pee device before expanding into menstrual cups and other intimate hygiene products.

What does Sirona Hygiene sell?

Sirona sells feminine and intimate hygiene products including menstrual cups, PeeBuddy urination devices, herbal period-pain patches, biodegradable sanitary pads, intimate wash, and, from 2026, a menopause and perimenopause care line, sold mainly through online channels.

Why did the Good Glamm Group sell Sirona back to its founders?

Reports from Entrackr, YourStory and Indian Startup News in February 2025 linked the sale to the Good Glamm Group’s own financial strain, including debt reported above Rs 500 crore, which pushed the group to divest assets rather than to any specific failure at Sirona.

Is Sirona Hygiene profitable?

No. Sirona reported net losses in every fiscal year from FY22 through FY25, though the FY25 loss of Rs 22.6 crore was smaller than FY24’s Rs 45.5 crore, per Entrackr’s March 2026 report on its filings.

What is Sirona Hygiene’s current valuation?

Sirona is privately held and does not disclose an official valuation. The most recent reported figure is Rs 150-180 crore at the founders’ February 2025 buyback, well below the Rs 450 crore valuation implied by the Good Glamm Group’s October 2024 full acquisition.

Sources

Figures are as of September 2026. Currency converted at $1 ≈ Rs 96.0 as of 18 September 2026 (Trading Economics).

• Entrackr, “Amid ownership transition, Sirona’s revenue drops to Rs 77 Cr in FY25”, March 2026
• Inc42, “Sirona FY23: Net Loss Almost Doubles To INR 33.10 Cr, Revenue Up 81% YoY”, 2023
• Inc42, Sirona Hygiene company financial profile, 2026
• Entrackr, “The Good Glamm Group completes acquisition of Sirona for Rs 450 Cr”, October 2024
• Entrepreneur India, “Good Glamm Group Acquires Sirona Hygiene for INR 450 Cr in All-Cash Deal”, October 2024
• Business Standard, “Good Glamm Group acquires Sirona Hygiene for Rs 450 cr in an all-cash deal”, October 2024
• Entrackr, “Sirona buys back brand from The Good Glamm Group”, February 2025
• YourStory, “Full circle: Founders buy back Sirona from Good Glamm Group”, February 2025
• Storyboard18, “Sirona founders buy back wellness brand from Good Glamm Group”, February 2025
• Indian Startup News, “Sirona founders buy back their brand from cash-strapped The Good Glamm Group”, February 2025
• BW Disrupt, “‘The Goal Was Never Just To Sell…’ Sirona Founder Buys Back Brand From Good Glamm Group”, February 2025
• YourStory, “Feminine hygiene products maker Sirona raises Series A funding”, April 2021
• Entrepreneur India, “Sirona Hygiene Raises $3 Mn In Series A Funding”, April 2021
• Tracxn, Sirona company and funding profile, 2026
• The Better India, “‘My Wife Inspired Me to Create India’s First Stand & Pee Device for Women'”, December 2021
• Indian Retailer, “Sirona eyes Rs 500 Cr turnover in 2 years; enters menopause category”, May 2026
• Indian Retailer, “Sirona Witnesses a 50 pc Growth in Biz in First 6 Months of this Fiscal”, October 2022

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