WLDD to buy ScoopWhoop as The Good Glamm Group faces financial struggles

Marketing firm Wubba Lubba Dub Dub (WLDD) is reportedly in discussions to acquire digital media platform ScoopWhoop from The Good Glamm Group (TGGG). WLDD has issued a term sheet, and due diligence is currently under way. The deal is expected to be valued between Rs 18-20 crore, significantly lower than the Rs 100 crore GGG paid to acquire ScoopWhoop in October 2021.

The talks come amid broader financial challenges for TGGG. The company has faced salary delays and layoffs over the past year and is reportedly seeking new funding at a reduced valuation. Proceeds from the sale of its digital media vertical may be used to settle outstanding vendor payments, salaries and other financial obligations, sources said.

Last week, Sirona, a feminine hygiene brand, repurchased its business from TGGG to operate independently. Sources indicated that the buyback was completed at a significantly lower valuation than its original acquisition price.

GGG, led by founder Darpan Sanghvi, became a unicorn in 2021 following a $250 million funding round. It later raised an additional $30 million in a bridge round in March last year. However, the company has since witnessed a series of high-profile exits.

Last month, independent directors Anand Daniel (Accel Partners), Vishal Gupta (Bessemer) and Gaurav Kothari (Prosus Ventures) resigned from the company. In January 2024, co-founder Priyanka Gill also stepped down from her active role at the New Delhi-based firm.