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Eyeing IPO in FY 23-24
The Good Glamm Group has acquired a majority stake in beauty and personal care brand Organic Harvest. The beauty unicorn said this will mark its foray in the organic beauty and personal care category and it will also be pumping an additional Rs 75 crore to grow the brand.
Darpan Sanghvi, Group Founder & CEO, Good Glamm Group, told BusinessLine, “We clearly see organic as the next big trend in the personal care segment in India and Organic Harvest has an innovative portfolio, which is ECOCERT-certified. The brand has been predominantly offline, with a reach across 25,000-30,000 points of sale. With this deal, the Good Glamm Group’s overall offline distribution will nearly double to over 50,000 points of sale and all our brands will now be able to benefit from this increased distribution.”
Sanghvi added, “Also, the opportunity for Organic Harvest to grow online is huge and it will now be able to leverage on the group’s large digital audience and data-driven sights from our content platforms, with a strategic approach towards influencer marketing. “
To continue as independent entity
Started in 2013 by Rahul Agarwal, Organic Harvest, will continue to work as an independent entity. “We have so far been a traditional distribution-led brand with a strong offline distribution. We will now be able to leverage on the Good Glamm Group’s digital reach and content assets to accelerate the brand’s reach substantially in India and international markets,” added Agarwal, who is also investing in the Good Glamm Group, in his individual capacity.
Organic Harvest’s current revenue is pegged at about Rs 75 crore, with the aim to grow it to about Rs 250 crore by March 2023, the company added. “Over the next three years, we will pick up the remaining stake in Organic Harvest,” Sanghvi added.
The content-to-commerce platform has been on an aggressive acquisition spree in recent times. In the past year, it has acquired several brands including BabyChakra, the Moms Co and St. Botanica. In November 2021, the Good Glamm Group entered the unicorn club with a valuation of $1.2 billion.
Replying to a query on the company’s IPO plans, Sanghvi said, “We are in no rush to do an IPO. Our key focus currently is on generating serious cash as a business and that I believe will happen in the coming financial year. So we will be targeting the IPO sometime in FY 2023-24, subject to market conditions.”
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