Content-to-commerce platform The Good Glamm Group has reduced its workforce by 15% or 150 employees in the last 12-15 months, according to the company.
“We have put in place a new organisational framework to streamline our operations, which led to eliminating certain redundancies over the last 15 months,” said a company spokesperson.
The reduction in workforce appears to be part of efforts to cut costs and extend the runway amidst a tight funding environment.
The firm has acquired around half a dozen companies such as POPxo, Plixxo, BabyChakra, The Moms Co, ScoopWhoop and Tweak India, since its inception.
Sources highlight that its influencer marketing biz via PopXo has been struggling in terms of growth ever since its acquisition by the Mumbai-based unicorn in August 2020. According to The Ken report, the company’s acquisitions haven’t been yielding desired results and most of its acquired brands are experiencing stagnant growth.
Earlier this year, co-founder Priyanka Gill announced stepping away from the active role at the New Delhi-based company to join Kalaari Capital as a venture partner.
Meanwhile, the company also announced several role elevations within the group – Manan Jain as chief operating officer, Kartik Rao as chief people officer and SVP of founder initiatives, Ketan Bhatia as brand director, Avalok Langer as chief creative officer, Ajesh Narayanan as design head, Ashish Jadhav as head of product and Ankita Bhardwaj as director of brand and marketing.
Recently, the group had also announced the appointment of new group CFO, Kamal Lath. As per The Good Glamm Group, the move is aimed at becoming a profitable company in the ongoing fiscal year (FY25).
It’s important to note that the restructuring comes at a time when the company is in process of raising $70 million of which $30 million already has been raised last month. Entrackr exclusively reported the development.
According to the startup data intelligence platform TheKredible, the Good Glamm Group has been valued at around $1.26 billion post the last tranche. The company turned unicorn after a $150 million round in November 2021.
While The Good Glamm Group is yet to file its financial results for FY23, its top line crossed Rs 250 crore with almost a 5X year-on-year surge in FY22. Its losses also jumped to Rs 273 crore in the same period.
The company is also planning to go public by Diwali 2025 and has announced a GlammSOP program for its high performing employees that enables accelerated vesting of ESOPs at the IPO.
