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

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The Invincible India Startup Deep Dive featured graphic for Sirona Hygiene.

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

Company Sirona Hygiene Private Limited (brands: Sirona, PeeBuddy)
Founded July 2015, Gurugram
Founder(s) Deep Bajaj (Co-founder and CEO) and Mohit Bajaj (Co-founder)
Businesses Feminine and intimate hygiene D2C brand: menstrual cups, PeeBuddy urination devices, period pain patches, sanitary pads, intimate wash, and a menopause-care line launched in 2026
Latest FY revenue Rs 77 crore, revenue from operations, FY25 (year to March 2025)
Latest FY profit/loss Net loss of Rs 22.6 crore, FY25
Listed Private; not listed on any exchange
Market value / last valuation Reported Rs 150-180 crore at the founders’ February 2025 buyback, against a Rs 450 crore valuation at the Good Glamm Group’s October 2024 acquisition
Key shareholders / CEO Deep Bajaj and Mohit Bajaj, who regained full ownership in February 2025

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

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.

The numbers

Fiscal year (₹ crore) FY22 FY23 FY24 FY25
Revenue (from operations) ~42 75.8 100 77
Net profit/(loss) (16.8) (33.1) (45.5) (22.6)

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

The risks

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).

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