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Accel, Prosus, and Bessemer quit The Good Glamm Group's board

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ISN Team
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The Good Glamm Group

Representatives from Accel Partners, Prosus Ventures and Bessemer Venture Partners have resigned from the board of The Good Glamm Group, signaling a major challenge for the content-to-commerce startup.

Ministry of Corporate Affairs records show that Anand Daniel of Accel, Gaurav Kothari of Prosus and Vishal Gupta of Bessemer stepped down as independent directors last month.

The Mumbai-based company has been trying to raise fresh funding and has acknowledged receiving new term sheets in December, though it declined further comment until the process is complete, Entrackr reported.

Ongoing financial pressures

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The Good Glamm Group has been dealing with a cash crunch for some time. It failed to pay salaries to many of its employees in January this year and laid off another 150 workers, just months after letting go of 150 people in 2024.

In a statement at the time, the company said it was adopting a new organizational framework to streamline operations and eliminate redundancies.

Recent filings also reveal that the company’s losses stood at Rs 917 crore in the fiscal year that ended in March 2023, despite its revenue rising 2.5 times to Rs 603 crore in that period. The firm was valued at $1.26 billion in its last funding round and has reportedly raised more than $400 million to date.

Senior leadership changes

A series of departures by senior leaders has compounded the company’s troubles. Chief Financial Officer Piyush Kalra left in March to join Versuni, an appliances firm, as its finance chief.

Priyanka Gill, who joined the startup when her media platform POPxo was acquired, stepped away from her active role early this year and became a venture partner at Kalaari Capital.

Good Glamm Group co-founder Darpan Sanghvi, who launched MyGlamm in 2017 before rebranding as The Good Glamm Group, remains at the helm.

History of rapid expansion

The Good Glamm Group pursued an aggressive expansion strategy after becoming a unicorn in 2021. Besides POPxo, it acquired brands such as The Moms Co, Baby Chakra and youth-focused digital outlet ScoopWhoop. It also broadened its direct-to-consumer offerings by bringing multiple beauty and personal care lines under one umbrella.

However, these acquisitions brought significant financial commitments. Last year, founders of Sirona Hygiene and The Moms Co, along with certain angel investors, reportedly issued default notices to Good Glamm for not making final payments as outlined in their acquisition deals.

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