Latest news with #DarpanSanghvi
Time of India
04-07-2025
- Business
- Time of India
Good Glamm restructuring talks underway, CEO says in note apologising for salary delays
Academy Empower your mind, elevate your skills Troubled beauty products retailer The Good Glamm Group is engaged in several restructuring discussions with its lenders as it faces severe financial stress, cofounder and chief executive Darpan Sanghvi said in a recent social media ET reported in June , the company had not paid salaries for two months in a row due to cash crunch and struggles with raising with salary delays, full and final settlements for former employees have also not been cleared, leaving both current and ex-staff under significant financial the post, Sanghvi recounted that the company was on the verge of selling one of its brands at the end of its funding cycle, that would have secured enough funds for future. "Everything was done, but just before we could sign and secure Good Glamm, the CEO of the acquiring company stepped down at the last moment, and the deal fell through. It was a gut punch out of nowhere that sent us scrambling for funding and securing a lifeline."Since then, Good Glamm has been facing a chain reaction of financial hardships, starting with salary delays and operational payment disruptions that directly impacted business and made generating cash flows hard, and raising money even harder, Sanghvi wrote. He assured employees and investors that he would set things Glamm has been selling or exploring the sale of several portfolio brands in a bid to maintain liquidity and keep operations running during this turbulent period. The Mumbai-based company is evaluating the sale of its stake in personal care brand Organic Harvest back to the brand's uncertainty has also triggered a wave of employee exits. The latest high-profile departure came when Kartik Rao, the group's former chief people officer and a board member at WYN Beauty (a joint venture with Serena Williams), left to join AI-driven recruitment platform Vahan. part of its cost-cutting measures, the company shut down its Vasant Kunj office in New Delhi earlier this year. Operations temporarily moved to a location in Greater Kailash, but employees are now working remotely, one staffer April 11, ET reported that the company is in advanced talks to sell its media and influencer talent management arm, MissMalini Entertainment, to marketing agency February, Good Glamm sold feminine hygiene brand Sirona back to its original founders for around Rs 150 crore—well below the Rs 450 crore it had paid to acquire the brand. It also offloaded digital media subsidiary ScoopWhoop to Bengaluru-based meme marketing agency WLDD at a valuation of Rs 18–20 crore, a fraction of the Rs 100 crore it paid in company has also explored selling stakes in other assets, including personal care brand The Moms Co and content platform January 29, representatives from investment firms Accel, Prosus Ventures, and Bessemer Venture Partners resigned from the company's board In March 2024, Good Glamm raised $30 million in a flat round from existing investors, including Warburg Pincus, Prosus Ventures, Bessemer, and Accel. The funding was intended to support working capital needs and bridge a larger round that is yet to Glamm was formed in 2021 through the merger of Darpan Sanghvi's MyGlamm, Priyanka Gill's POPxo, and Naiyya Saggi's the past year, the company has witnessed a string of high-profile exits. In May 2024, Sukhleen Aneja, the chief executive of The Good Brands (Good Glamm's D2C vertical), left to join beauty and fashion retailer Nykaa. Gill became a venture partner at Kalaari Capital before launching her own lab-grown diamond brand, Coluxe, while Saggi is starting a new consumer electronics venture.
Time of India
05-05-2025
- Business
- Time of India
Good Glamm defers April salaries; former employees await final settlements
Beauty products and content company Good Glamm Group has delayed April salaries for its current employees and is yet to clear full and final settlements for former staff amid a cash crunch, with fundraising still pending, people aware of the matter told ET. 'The company is facing a liquidity crunch, and there has been an unexpected delay in the fundraise. HR has informed employees that April salaries will be deferred by a month and will be paid along with May salaries,' one of the persons said. 'Full and final settlements are still pending and clearing them will be a priority once the fundraise comes through,' the person added. Mint first reported the development. In January, the company had also delayed salary payments to a section of its 300-member workforce, startup news site The Arc reported earlier this year. Queries sent by ET did not receive an immediate response from Good Glamm. The Mumbai-based company has been selling or exploring the sale of various portfolio brands as part of its efforts to maintain liquidity and keep operations running during a turbulent period. On April 11, ET reported that Good Glamm is in advanced talks to sell its media and influencer talent management arm, MissMalini Entertainment, to marketing agency Creativefuel. In February, the company sold feminine hygiene brand Sirona for approximately Rs 150 crore—significantly below its original acquisition price of around Rs 450 crore. It also offloaded digital media subsidiary ScoopWhoop to Bengaluru-based agency WLDD at a valuation of Rs 18–20 crore, a fraction of the Rs 100 crore it paid to acquire the brand in 2021. The company has also explored stake sales in other assets, including personal care brands Organic Harvest and The Moms Co, as well as content platform POPxo. Formed in 2021 through the merger of Darpan Sanghvi's MyGlamm (founded in 2017), Priyanka Gill's POPxo (2013), and Naiyya Saggi's BabyChakra (2015), the Good Glamm Group has witnessed a series of senior-level exits in the recent past. In May 2024, Sukhleen Aneja, CEO of its D2C arm, The Good Brands Co, moved to beauty e-tailer Nykaa . Gill stepped into a venture partner role at Kalaari Capital before launching her own lab-grown diamond brand, Coluxe, while Saggi is launching a new startup in the consumer electronics space. Good Glamm last raised $30 million in a flat round from existing investors, including Warburg Pincus, Prosus, Bessemer Venture Partners, and Accel .
Time of India
05-05-2025
- Business
- Time of India
Good Glamm defers April salaries; former employees await final settlements
Beauty products and content company Good Glamm Group has delayed April salaries for its current employees and is yet to clear full and final settlements for former staff amid a cash crunch, with fundraising still pending, people aware of the matter told ET. #Pahalgam Terrorist Attack Inside Operation Tupac: Pakistan's secret project to burn Kashmir Who is Asim Munir, the Zia-style general shaping Pakistan's faith-driven military revival 'Looking for partners, not preachers': India's strong message for EU amid LoC tensions 'The company is facing a liquidity crunch, and there has been an unexpected delay in the fundraise. HR has informed employees that April salaries will be deferred by a month and will be paid along with May salaries,' one of the persons said. 'Full and final settlements are still pending and clearing them will be a priority once the fundraise comes through,' the person added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Mint first reported the development. In January, the company had also delayed salary payments to a section of its 300-member workforce, startup news site The Arc reported earlier this year. Live Events Queries sent by ET did not receive an immediate response from Good Glamm. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The Mumbai-based company has been selling or exploring the sale of various portfolio brands as part of its efforts to maintain liquidity and keep operations running during a turbulent period. On April 11, ET reported that Good Glamm is in advanced talks to sell its media and influencer talent management arm, MissMalini Entertainment, to marketing agency Creativefuel. In February, the company sold feminine hygiene brand Sirona for approximately Rs 150 crore —significantly below its original acquisition price of around Rs 450 crore. It also offloaded digital media subsidiary ScoopWhoop to Bengaluru-based agency WLDD at a valuation of Rs 18–20 crore, a fraction of the Rs 100 crore it paid to acquire the brand in 2021. The company has also explored stake sales in other assets, including personal care brands Organic Harvest and The Moms Co, as well as content platform POPxo. Formed in 2021 through the merger of Darpan Sanghvi's MyGlamm (founded in 2017), Priyanka Gill's POPxo (2013), and Naiyya Saggi's BabyChakra (2015), the Good Glamm Group has witnessed a series of senior-level exits in the recent past. In May 2024, Sukhleen Aneja, CEO of its D2C arm, The Good Brands Co, moved to beauty e-tailer Nykaa . Gill stepped into a venture partner role at Kalaari Capital before launching her own lab-grown diamond brand, Coluxe, while Saggi is launching a new startup in the consumer electronics space. Good Glamm last raised $30 million in a flat round from existing investors, including Warburg Pincus, Prosus, Bessemer Venture Partners, and Accel .
