The company did not disclose the financial terms of the acquisition.
Sirona, a fem-tech company that sells feminine hygiene products, will foray into the female safety segment with the acquisition.
The company will invest Rs 30 crore in Impower over the next two years, Deep Bajaj, cofounder and CEO of Sirona told ET in an exclusive interview.
“This acquisition is a natural extension of Sirona’s mission of creating a larger impact in society by providing awareness, education, and opportunity around all unaddressed issues – safety being one of them,” Bajaj said.
In December, The Good Glamm Group acquired a controlling stake in Sirona in an all-cash deal worth Rs 100 crore. Good Glamm has committed to invest a further Rs 100 crore ($13.5 million) in the company, ET had reported.
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Bajaj said the company is bullish on strategic acquisitions and scaling up growth to hit the Rs 500 crore revenue mark within the next three years.
Founded by Akshay Dua and Tanisha Pant in 2018, Impower makes pepper spray, one of the bestselling brands in the category on ecommerce marketplaces such as Amazon and Flipkart. The pepper spray market in India has seen significant adoption given how impactful and accessible it is for self-defence in untoward situations.
“Sirona has made great strides in the feminine hygiene category. Deep and his team have made lives simpler for women with their innovative products – the majority of which are habit-changing products but have been adopted at a mass scale, we need similar adoption for Impower and hence the alliance,” Dua and Pant said in a joint statement.
According to Impower, women’s safety has been a major concern in India. As per the National Commission for Women (NCW), there was a 46% rise in complaints about crimes against women in the first eight months of 2021, from the corresponding period last year.
Sirona, founded in 2014 by Deep and Mohit Bajaj, makes menstrual hygiene products, including herbal pain relief patches, degradable sanitary pads and menstrual cup kits. It also offers a stand-and-pee device for women called PeeBuddy.
Sirona has been profitable for the last three years.
In April 2021, the company had raised $3 million from NB Ventures and IAN Fund, as part of its Series A round.
