Latest news with #Sanghvi
Time of India
12 hours ago
- Business
- Time of India
Good Glamm breaks up as lenders initiate brand-wise asset sale
Representative image BENGALURU: Good Glamm Group's managing director and CEO Darpan Sanghvi has confirmed that the company will no longer operate as a single consumer goods entity, with lenders now enforcing their charge over individual brands in the portfolio. In a LinkedIn post, Sanghvi said the group structure will be dismantled and assets sold separately, following failed attempts at refinancing, partial brand sales, or raising strategic capital. 'There will no longer be a group-wide solution… the brands will be sold one by one, and will operate individually,' he wrote. The move follows months of financial stress and unsuccessful restructuring talks, marking the end of the group's vision to build a digital-first consumer goods conglomerate through acquisitions. Its portfolio includes brands such as MyGlamm, Organic Harvest, Sirona, St. Botanica, The Moms Co. and BabyChakra. Sanghvi, who has not exited or sold shares in the company, said he would personally allocate 25 per cent of all future earnings, from salary or equity gains, towards settling outstanding employee dues, in the event these are not cleared through the asset sale process. A mechanism for tracking this commitment is expected to be put in place in the coming months, he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like End Season Sale: Special Discount Luxury Watches Buy Now Undo He also said he plans to set up a 'Good Glamm Restitution Fund' within 60 days, backed by equity from future ventures, to address potential losses faced by vendors and investors. Sanghvi acknowledged that the outcome was within the lenders' rights and accepted responsibility for the decisions that led to the group's current position. The company's investors include marquee names such as Warburg Pincus, Amazon, Bessemer Venture Partners, Accel and Prosus. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
14 hours ago
- Business
- Mint
Cash-strapped The Good Glamm Group puts all brands up for sale individually
Bengaluru: It's the end of the road for the cash-strapped beauty products and content platform The Good Glamm Group, which has been struggling with unpaid vendor dues and employee salaries and whose plans to engineer a revival have failed. The Delhi-based company will sell its brands individually, rather than pursuing a group-wide solution as the firm's lenders have decided to take charge. The firm has put its individual assets for sale, and each brand will be led independently by new owners instead of operating under one umbrella, Darpan Sanghvi, founder and chief executive officer (CEO) of The Good Glamm Group, said in a social media statement on Wednesday. Sanghvi, who has served in the role since 2017 after founding cosmetics brand MyGlamm, has made a 'personal commitment' to repay its current and past employees with unpaid salaries, with 25% of his salary or gains from equity from any venture. 'Over the next couple of months, if the lenders are unable to complete a sale of the different brands, and / or, through the future buyers and new owners of the brands, if we are unable to clear any portion of the employee dues, then I am giving a personal commitment to each of you, that moving forward 25% of what I earn (post-tax) from salary or gains from equity in any venture, will go toward making you whole.' 'However long it takes, I will keep working till everyone is taken care of…' Sanghvi added. In the statement, Sanghvi said he will also create a 'Good Glamm Restitution Fund' to share equity allocation from his next venture to settle outstanding vendor and shareholder dues. 'I am making a personal commitment to you as well: I wil create a Good Glamm Restitution Fund over the next 60 days which will receive equity allocation from whatever I do next in my journey, and that will go towards settling any dues that may remain outstanding for our vendors/partners and for losses incurred by our shareholders.' Little has gone well for Good Glamm in recent times, as it grapples with rising costs, high cash burn, mounting debt, and consequences of several unsuccessful acquisitions. In February, Sirona Hygiene's founders bought back the women's wellness brand, reportedly for ₹ 150 crore, just four months after its sale to The Good Glamm Group was completed. Good Glamm initially pumped ₹ 100 crore in Sirona through primary and secondary investments in 2022. It concluded the acquisition of Sirona in October last year for ₹ 450 crore in an all-cash deal, ending a long-drawn dispute over non-payment of dues. It sold digital media platform ScoopWhoop to Bengaluru-based marketing agency WLDD at a fraction of the valuation at which the content-to-commerce company had acquired in 2021. In March last year, investors injected around $30 million as part of a rights issue, but Good Glamm's business expansion didn't pan out as anticipated. Good Glamm became a unicorn—an unlisted company valued at $1 billion or more—in 2021 after raising capital from investors including Prosus and Warburg Pincus. The company scaled down some of its brands, laid off teams and reduced its marketing efforts to conserve cash and eventually achieve profitability. The startup's losses ballooned to ₹ 917 crore in FY23 from ₹ 362.5 crore in FY22, although its operating revenue jumped to ₹ 603 crore from ₹ 211.4 crore. Good Glamm is yet to file its financials for FY24. The company also saw a series of senior-level exits last year. Sukhleen Aneja, chief executive officer of The Good Brand Co., left to join Nykaa. Co-founder Naiyya Saggi stepped back from executive roles to start her own new venture, and Priyanka Gill, co-founder in charge of the group's media business, quit to join early-stage venture capital firm Kalaari Capital.
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.
Qatar Tribune
01-07-2025
- Qatar Tribune
All 260 victims identified from Air India Dreamliner crash
All 260 victims of the Air India crash in Ahmedabad in western India have been identified by means of facial and DNA analysis and their remains handed over to their next-of-kin, Gujarat forensic science director HP Sanghvi said on Tuesday. The last identification was completed on Friday. Earlier estimates of the death toll from the June 12 crash ran as high as 270, but Indian media now report that 260 is the final toll. Sanghvi said only six of the victims could be identified by their faces, with the remaining identities ascertained by DNA. The Air India 787-8 Dreamliner took off from Ahmedabad bound for London, but immediately lost height and crashed into a residential area. The flight list revealed that 241 passengers were killed and that one British passenger survived. (DPA)
India Today
01-07-2025
- Sport
- India Today
Indian delegation visits Olympic headquarters in major push for 2036 hosting dreams
A high-level Indian delegation is currently in Lausanne, Switzerland, on a key three-day visit to the headquarters of the International Olympic Committee (IOC), underscoring the country's resolve to pursue its ambitious bid to host the 2036 Summer Olympics. This marks India's first official visit to the Olympic capital since expressing formal interest in hosting the Games last by Gujarat Sports Minister Harsh Sanghvi, the delegation includes Indian Olympic Association (IOA) President PT Usha, Sports Association Secretary Hariranjan Rao, Gujarat Chief Sports Secretary Ashwini Kumar, and Urban Secretary Thennarasan. The visit comes just days after newly elected IOC President Kirsty Coventry announced a 'pause and review' of the host city selection process — a move that casts uncertainty over timelines but not over India's current Indian team is holding consultations with various international sporting bodies, aiming to showcase Gujarat — the proposed host region — as a viable destination for mega sporting events. India had submitted its Letter of Intent to the IOC in October 2023, with its bid being championed by IOC member Nita Ambani and publicly supported by Prime Minister Narendra Modi. "Yesterday I had a fruitful meeting with the President of SportAccord, a Lausanne-based global sports event organisation. Gujarat was invited to host the SportAccord conference in Gujarat, which will showcase Gujarat's potential as a major sports event destination. We had detailed discussions with Team Berson on international sports tournament presentations and explored opportunities for collaboration and growth," Sanghvi delegation also held discussions with representatives from the Association of National Olympic Committees (ANOC), which includes 206 National Olympic Committees under the IOC umbrella. 'Our sports infrastructure and hospitality were highlighted in this meeting,' Sanghvi meetings with the International Volleyball Federation focused on exploring opportunities to host major tournaments and to further develop the sport in India. These engagements mark an important step in positioning India as a hub for international sporting events, while strengthening partnerships with global sports organisations. Courtesy: India Today These engagements continue even as President Coventry's recent remarks indicate a possible shift in the IOC's approach to selecting Olympic hosts. Speaking after her first Executive Board meeting last week, she revealed plans to form a working group to evaluate the process — one that had previously fast-tracked Brisbane for the 2032 Games under Thomas Bach's presidency, bypassing traditional bids.'There was overwhelming support from the IOC members for a pause and a review of the host election process,' Coventry said. 'We want all interested parties to be part of this review. I am aware of the Indian delegation visiting this week — that will continue. They might be the first interested party from whom we'll seek input.'Despite the temporary uncertainty, India's campaign continues to build international goodwill. The country's last major multi-sport hosting was the 2010 Commonwealth Games in New Delhi, and there is a growing sense that India is ready for a bigger Minister Modi has repeatedly underscored India's Olympic aspirations, noting the broader national significance of bringing the Games to a country that has never hosted them.'We are pushing for hosting rights of the 2036 Olympics — it will take Indian sport to new heights. Wherever Olympics happen, all sectors gain," he had said.- EndsMust Watch
