Good Glamm Sells ScoopWhoop for ₹20 Crore, a Fifth of its Purchase Price
In a surprising turn of events, the Good Glamm Group has sold ScoopWhoop, a popular digital content platform, to WLDD, a meme marketing firm, for a staggering ₹20 crore. This deal marks a significant decrease in valuation from the ₹100 crore at which Good Glamm Group acquired ScoopWhoop in 2021.
ScoopWhoop, founded in 2013, has been a key player in the digital content space, known for its engaging content, particularly in the entertainment and lifestyle genres. The platform has a significant following across social media platforms, with over 10 million followers on Instagram alone.
Good Glamm Group, a leading beauty and personal care company, acquired a majority stake in ScoopWhoop in 2021, intending to leverage the platform’s massive following to promote its own products and services. However, it appears that the company has now decided to exit the digital content space.
WLDD, the new owner of ScoopWhoop, is a meme marketing firm that specializes in creating and promoting viral content. The company has already started making changes to the platform, with its founder, Arijit Biswas, taking to LinkedIn to announce the acquisition.
“We are going to take ScoopWhoop to new heights, and we are committed to making it the go-to platform for creators and brands alike,” Biswas wrote in his LinkedIn post.
The sale of ScoopWhoop comes just a few months after Sirona Founders, the parent company of Good Glamm Group, repurchased its startup from the group. This move suggests that Good Glamm Group may be reevaluating its priorities and focusing on its core business.
The reasons behind Good Glamm Group’s decision to sell ScoopWhoop are unclear at this point. However, it’s possible that the company may have realized that the digital content space is highly competitive and requires significant investment to remain relevant.
ScoopWhoop’s decline in valuation from ₹100 crore to ₹20 crore is a stark reminder of the challenges faced by digital content platforms in maintaining their value. The platform’s failure to scale its business and generate significant revenue may have contributed to Good Glamm Group’s decision to sell at a lower price.
WLDD, on the other hand, sees ScoopWhoop as an opportunity to expand its presence in the digital content space. The company has already started making changes to the platform, including introducing new features and content formats.
“The acquisition of ScoopWhoop is a significant milestone for us, and we are excited to work with the team to build a global platform for creators and brands,” Biswas said in his LinkedIn post.
As the digital content space continues to evolve, it will be interesting to see how ScoopWhoop performs under its new ownership. WLDD’s focus on meme marketing and its experience in creating viral content may help the platform regain its momentum and attract new users.
In conclusion, the sale of ScoopWhoop to WLDD marks a significant change in the digital content landscape. While Good Glamm Group’s decision to sell the platform at a lower price may seem surprising, it highlights the challenges faced by digital content platforms in maintaining their value.
As the industry continues to evolve, it’s likely that we will see more mergers and acquisitions in the digital content space. The key to success will lie in creating engaging content that resonates with audiences and generating significant revenue.
