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Investors in the content-to-commerce platform, The Good Glamm Group, appear to be losing confidence in the company as their representatives have stepped down from the board of directors.
According to the Ministry of Corporate Affairs records, Anand Daniel from Accel Partners, Vishal Gupta from Bessemer, and Gaurav Kothari, a principal at Prosus Ventures, resigned as independent directors last month.
The development occurred during a difficult period when the company was grappling with a funding shortfall, salary delays, and a severe cash crunch.
Responding to Entrackr’s queries, the company’s spokesperson said, “Good Glamm received Term Sheets for a new round of fund raising in December and is currently in the last stages of closing the same. We will not be making any comments until after the close of our fund raise.”
The Morning Context reported the development first.
In 2024, Good Glam Group reduced its workforce by 15% or 150 employees as a part of the restructuring exercise. At that time the company’s spokesperson said “We have put in place a new organizational framework to streamline our operations, which led to eliminating certain redundancies over the last 15 months”.
Founded by Darpan Sanghvi, and later joined by Priyanka Gill and Naiyya Saggi, the Good Glamm Group is a content-creator commerce conglomerate that comprises a portfolio of innovative and fast-growing direct-to-consumer beauty and personal care brands, powered by its proprietary digital ecosystem of content and creator assets.
Last year, Gill also decided to step away from her active role at the New Delhi-based company to join early-stage venture capital firm Kalaari Capital as a venture partner.
Good Glamm Group has raised over $400 million to date and was valued at $1.26 billion in its last round. According to the startup data intelligence platform TheKredible, L'Occitane International was the largest external stakeholder in the firm followed by Bessemer India, Warburg Pincus, and Prosus.
The company has yet to file its annual report for FY24, During FY23, the firm demonstrated 2.5X growth in its revenue to Rs 603 crore, compared to Rs 240 crore in FY22. In the same period, its losses stood at Rs 917 crore.