Good Glamm scrapped its planned ₹2,500-2,800 crore purchase of Raymond's consumer arm

Direct-to-consumer beauty and personal care conglomerate behind MyGlamm and brands bought in 2021

A large offline acquisition, Raymond's consumer care business, would give Good Glamm men's grooming and offline distribution

$150 million Series D in November 2021, co-led by Warburg Pincus and Prosus; a further $200-250M raise at $2B was planned

In 2021 Good Glamm raised across four funding rounds to support inorganic growth and bought Mom's Co., Baby Chakra, St. Botanica, Organic Harvest, ScoopWhoop, MissMalini Entertainment and Sirona. It became a unicorn with a $150M Series D in November 2021 at $1.2B and had engaged Raymond since late 2021.

It was reportedly in talks to buy Raymond's consumer care business, home of Park Avenue and KamaSutra, in a cash-and-stock deal worth ₹2,500-2,800 crore. Mint reported on 26 May 2022 that it was looking to raise close to $200-250M at a $2B valuation, linked to financing the acquisition.

On 23 September 2022 Mint reported that Good Glamm had abandoned the acquisition due to a valuation mismatch, and CEO Darpan Sanghvi confirmed the large transaction was called off. He said the market had changed and the planned fundraise was put off as it was linked to the deal, adding the company did not need capital and was contributory margin positive.

Sanghvi said the market had changed since talks began, which hit valuations

The two sides disagreed on valuation

The $200-250M raise depended on financing this acquisition, so it was dropped too

Good Glamm said it did not need capital and was contributory margin positive

A deal priced in a boom can fall apart when the market resets; walking away and shelving the linked raise kept the company from overpaying, whatever its later fate.

As of 2022-09-23, Good Glamm had called off the Raymond deal and the linked fundraise, and was focused on cost rationalisation, with a target of being Ebitda-positive by March 2023, which is the company's own goal.