According to the persons familiar with the situation, Good Creator Co (GCC), an offshoot of the Good Glamm company, is acquiring video commerce platform Bulbul in a cash and equity deal, marking yet another major consolidation move in the creator and influencer economy field.
According to insiders, Bulbul’s creator Sachin Bhatia would take over as GCC’s CEO as part of the agreement.
GCC expects to employ Bulbul’s software stack to assist creators in creating digital stores due to the acquisition.
“Bulbul is being merged into GCC,” said another person with knowledge of the development. “Some early backers will cash out while others will get an equity swap in GCC,” said another person.
When Good Creator Co was split off in January, the Good Glamm Group, armed with funds collected from investors, committed Rs 200 crore as startup capital.
“Our current revenue run rate for GCC is around Rs 75 crore and we expect it to grow to Rs 250 crore by the end of the current calendar year,” Darpan Sanghvi, founder, and CEO, Good Glamm Group, said.
Bulbul was one of the first startups to explore live commerce, having launched in 2018. After that failed to catch on, it shifted its focus last year to digitizing storefronts for creators, stores, and sellers, as well as influencer-led sales via pre-recorded video.
It last received $8.7 million in 2020, and its backers include Sequoia’s Surge, Info Edge, and Leo Capital.
Bulbul focuses on tier 2 and tier 3 influencers and markets in the fashion, home and kitchen, and electronics categories. It also developed its brands, Myfav (for men’s grooming), Noor (for women’s ethnic wear), and Aro (for men’s footwear), which were promoted and pushed by influencers.