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The Good Glamm Group sells MissMalini Entertainment to Creativefuel
This marks another 'distress sale' for the Good Glamm Group which sold ScoopWhoop to meme marketing agency Wubba Lubba Dub Dub (WLDD) in an all-cash deal of Rs 20 crore, earlier this year. Good Glamm acquired ScoopWhoop for Rs 100 crore in 2021.
Creativefuel acquires MissMalini Entertainment
Marketing agency Creativefuel has acquired MissMalini Entertainment from The Good Glamm Group. As per media reports, Creativefuel, which purchased MissMalni for Rs 6 crore, will take the ownership of the company's domain name and its social media assets. Whereas, the Good Glamm will continue to operate the talent management vertical of MissMalini. Recently, Creativefuel purchased two YouTube channels-Hasley India and Pataakha.
The Good Glamm Group's five business divisions, which included Girl Tribe, MissMalini Media, Ignite Edge, Agent M, and MM Studios, acquired MissMalini Entertainment in 2021.
In February this year, Meme marketing agency Wubba Lubba Dub Dub (WLDD) acquired the media platform ScoopWhoop from Good Glamm reportedly in an all-cash deal of Rs 20 crore. The Good Glamm acquired ScoopWhoop for Rs 100 crore in 2021.
In the same period, Good Glamm let go of Sirona Hygiene to its original founders. The reacquisition deal will reportedly value Sirona between Rs 150-200 crore.
Cash-strapped The Good Glamm Group is planning to sell other brands too such as Organic Harvest, and The Moms Co in order to raise capital to keep operations afloat. It is trying to sell its businesses at a very low valuation as the existing shareholders have backed off from participating. The Good Glamm has recently laid off staff and deferred salaries of several employees.
In 2021, The Good Glamm Group was formed after the founders of D2C startup Myglamm, content platform POPxo, and online parenting startup BabyChakra came together.
The beleaguered company raised around $400 million in nine years from marquee investors like Amazon, Accel, Bessemer Venture Partners, Prosus Ventures, Warburg Pincus, and several others.
SPOTLIGHT
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