Good Glamm likely to sell ScoopWhoop to meme marketing startup WLDD: Report
Good Glamm is undergoing a process of restructuring. Within the last two months alone, Good Glamm has experienced deferred salaries, layoffs, and the departure of three board members
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Meme marketing startup Wubba Lubba Dub Dub (WLDD) is reportedly planning to acquire content platform ScoopWhoop from the troubled Good Glamm Group.
Founded in 2018 by Arihant Jain, Vivekanand Kilari, and Jaidev Kesti, WLDD has clients such as JioHotstar, Rapido, Flipkart, ITC, etc.
The development has come after entrepreneurs Deep and Mohit Bajaj reacquired their company Sirona Hygiene from Good Glamm Group this month. The reacquisition deal will reportedly value Sirona between Rs 150-200 crore.
According to a report by Livemint, the sale of ScoopWhoop to WLDD will help the beleaguered firm meet its payment obligations, such as employees' salaries and vendor payouts.
Notably, Good Glamm acquired ScoopWhoop in 2021 for Rs 100 crore. However, as per the Mint report, the platform is now being sold for Rs 18-20 crore.
The personal care product compnay is also facing a legal battle from the original founders of ScoopWhoop over non-payment of the payouts, including the second tranche of cash consideration and equity upside.
Good Glamm is undergoing a process of restructuring. It is expecting to raise capital but at a very low valuation as the existing shareholders have backed off from participating. Within the last two months alone, Good Glamm has experienced deferred salaries, layoffs, and the departure of three board members representing major investors Accel, Bessemer Venture Partners, and Prosus Ventures.
The company has also explored sales of various brands (The Moms Co., Organic Harvest, as well as, media websites such as Miss Malini, Bulbul, and PopXO), and has even tried merging with a large Thrasio-style business in India.
Good Glamm made it to the unicorn club in 2021 after raising capital from investors including Prosus and Warburg Pincus.
