ET was the first to report on September 20 that the content-to-commerce (C2C) company planned to acquire the Twinkle Khanna-founded firm.
This is Good Glamm Group’s 12th acquisition in two years.
It acquired online content platform POPxo in 2020 and made a further 10 acquisitions last year.
The acquisition of Tweak India, a women-focused multimedia platform across text, video, podcasts, radio, and event formats with a focus on wellness, beauty and an eco-friendly lifestyle, has been done with an aim to go deeper into the tier 1 demography, the company said.
Following the acquisition, Tweak India will be housed under Good Media Co, led by Priyanka Gill.
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“Good Glamm Group has taken 51% in Tweak, and we are going to work together with Twinkle to grow the platform…if you look at Good Media Co, we have POPxo, which is very big with tier-2, tier-3 audiences, we have ScoopWhoop, which is a male audience, we have Miss Malini, which is a Bollywood audience, and BabyChakra, which is a parenting audience,” Good Glamm Group founder and CEO Darpan Sanghvi told ET.
The company did not disclose the size of the deal.
Tweak India will function under Good Glamm Group’s unit Good Media Co, and Khanna, a Bollywood actress, will continue in her role as CEO of Tweak India and become a shareholder of the Good Glamm Group, it said.
“The Good Glamm Group has many verticals which are in alignment with Tweak. They have a massive backend support system, influencer vertical, video support system, and it will be beneficial for Tweak to work with them,” Khanna told ET.
Founded by Sanghvi, Gill and Naiyya Saggi, the Good Glamm Group has three divisions — The Good Brands Co, which has a portfolio of direct-to-consumer brands; Good Media Co, and Good Creator Co, an influencer platform tracking 1.5 million influencers.
Good Media Co generates over 4 billion monthly impressions and has over 200 million unique users, the company said in a statement.
The Good Glamm Group, backed by Prosus, has closed a series of acquisitions and raised back-to-back funding rounds amounting to Rs 1,885 crore last year as it sold its C2C playbook to investors.
The Mumbai-based company, which was last valued at $1.2 billion, has been facing trouble raising new funding as late-stage financing dries up and investors increasingly steer clear from loss-making tech firms, ET reported on September 6.
Going ahead, Sanghvi and Gill said the company was looking to acquire an offline FMCG brand and a male grooming brand next year.
“This year (2022), we have spent integrating everything we acquired last year. Everything we acquired had a strategic purpose. The strategic rationale for Tweak was very specific. It becomes a perfect platform for us to expand our 200 million MAUs that we have, with Tweak’s 15 million MAUs,” Sanghvi said. “Next year, we are looking for an offline FMCG brand, so that all the products that we create find offline distribution as well.”
