Mumbai
: Good Glamm Group is a beauty product and content platform that has delayed its salary for April and has not settled the full, final payment for those fired employees. Mint.
“These employees were told that the company would repay its membership dues for April together with its salary in June and May and pay the company to the full and final settlement of its former employees as soon as the company completes the fundraising process,” the person said.
“Some former employees also did not receive their salaries in February and March,” the second person cited above is an employee Mint In anonymous state. The person added that the company has not yet made it clear that the payment status has been communicated to many employees.
A Good Glammm spokesperson declined to comment.
In January, the company also delayed wage payments to a portion of its 300 employees. arc. Mint The total number of employees cannot be verified immediately after layoffs.
Broadly speaking, Good Glamm has caused a lot of shock in recent months as the company struggles to address a serious cash tightening that forces it to consider raising new funds at a lower valuation, triggering exports from its three directors. Three directors from Accel India, Prosus and Bessemer Venture Partners resigned from the board of Good Glammm in November and December.
Need new funds
The current good demand for Glammm ₹25-50 billion Mint A person familiar with the matter was reported earlier this year. “The direct requirement to keep the lighting nearby ₹The person said in January: “For $18-2 billion, the founder will do everything to keep the company running, including selling control shares to any incoming investors.
The company's plan to raise new funds is similar to the new era of Omnichannel Pharmacy Pharmasey in 2020 raising funds at a valuation of less than $500 million in 2020, down from the early $5.6 billion. Previously, Byju's was once worth $22 billion and tried to raise $200 million at a currency valuation of $250 million.
Good Glammm's new round of funding has been around for more than a year after the company raised $30 million from investors through rights issues in March 2024. Direct-to-consumer companies become unicorns in 2021 after raising funds from investors such as Prosus and Warburg Pincus.
The company has been seeking to cut costs and cash burns over the past 24-36 months. To save cash, it shrank down the brand, abandoned the team and reduced marketing efforts. In February, the company sold two of its brands – Scoopwhoop and Sirona Hygiene, to increase the runway and fulfill some of its instant payment obligations, including employee salaries and supplier spending.
Sell some brands
ScoopWhoop was acquired by Indian meme marketing startup Wubba Lubba Dub Dub when Sirona was bought back by the founder ₹Good Glamm purchased 180-200 million ₹100 million in 2021.
Startup created by Darpan Sanghvi sees balloon loss ₹917 million in fiscal 23, 150% skipped ₹3.625 million in fiscal year 222. The company's operating income is ₹6.03 million in fiscal year 23, opposition ₹21.14 million in fiscal year 222. It has not submitted its financial financials.
Good gloss runs in multiple vertical aspects. Good Brands Co. includes beauty and personal care brands such as Myglamm, St Botanica, Moms Co. and Organic Harvest, while Good Media Co. includes Popxo, Missmalini, BabyChakra and Tweak India. Good Creator Co. acts as an influencer platform with a good community.
The company also saw a series of premium exports last year. Good Brand Co. CEO Sukhleen Aneja joins Nykaa. Co-founder Naiyya Saggi stepped down and started his own new venture, with Priyanka Gill, co-founder of the group's media business, staying to join Kalaari Capital, an early stage venture capital firm.
Key Points
- Good Glammm Group has postponed its April salary and has not provided ongoing fundraising efforts for fundraising, but has not paid fully yet.
- The company faces serious financial shortages and attempts to improve ₹The valuation of US$25-50 billion is close to zero, eliminating existing investors.
- Several directors resigned due to economic struggles, and high-profile executives, including co-founders, have continued to work in new businesses.
- To manage cash flow, Good Glammm sold brands such as ScoopWhoop and Sirona Hygiene while reducing marketing and shrinking its business.
- The company reports ₹The losses in fiscal 23 were 9.17 billion, a sharp increase over the previous year, prompting emergency financial restructuring.
