PremiumParent of The Good Glamm Group, Sanghvi Beauty and Technologies, has acquired a 51% stake in digital media company Tweak India for an undisclosed sum, in a cash and stock deal.
Following the stake buy, the digital media company run by actor Twinkle Khanna will function under The Good Glamm Group’s platform, The Good Media Co, with the group’s co-founder Priyanka Gill at the helm.
“This strategic partnership will give Tweak India a platform to grow and optimize our strengths. In building a scalable business, one must always be ready to take the next leap and I am positive that the merger with the Good Glamm Group will help me pull off a Produnova with three perfect somersaults and ensure that we all land on our feet," said Twinkle Khanna, founder and chief executive officer of Tweak India.
The merger is expected to give The Good Glamm Group, access to Tier I demographic through Tweak India’s focus on the audience in these cities.
“Within the Good Media Co, each platform reaches a unique audience. When combined together this gives Good Glamm Group access to diverse audiences across Tier 1, Tier2 and Tier 3 cities," the company said in a press statement.
Following the merger, Tweak India will join the other platforms operating under The Good Media Co banner, including POPxo, ScoopWhoop, BabyChakra, MissMalini Entertainment. Tweak India, like the other platforms, will continue to function independently with a centralized back-end team.
VCCircle reported last month that The Good Glamm Group widened its losses by over six times in the last financial year owing to an increase in costs related to acquisition, cost of materials and employee-benefits.
The content-to-commerce conglomerate reported a loss of ₹272.9 crore in the financial year (FY) ended March 2022, compared to ₹43.6 crore in FY21.
The group’s total expenses surged by over 5.6 times to ₹519 crore in FY22, compared to ₹91.22 crore in FY21.
The Good Glamm Group, last valued at $1.2 billion, sells products related to beauty, cosmetics and skin care products under various brand names including MyGlamm, The Moms Co, St. Botanic. The D2C brand counts Darpan Sanghvi, Priyanka Gill and Naiyya Saggi as its co-founders. Last year, the company unveiled The Good Glamm Group under which it consolidated its various businesses.