Content-to-commerce platform The Good Glamm Group laid-off 150 employees
Summary
The Ken report claims that the majority of the companys acquired brands are growing stagnantly and that the acquisitions havent produced the expected results.Co-founder Priyanka Gill announced earlier this year that she would be joining Kalaari Capital as a venture partner and leaving her active position at the company based in New Delhi.Avalok Langer as chief creative officer, Ajesh Narayanan as head of design, Ashish Jadhav as head of product, Ankita Bhardwaj as director of brand and marketing, Manan Jain as chief operating officer, Kartik Rao as chief people officer and SVP of founder initiatives, and Ketan Bhatia as director of brand were among the other positions the company announced.The group also recently announced Kamal Laths appointment as the new group CFO. The Good Glamm Group claims that the action is intended to turn a profit for the business in the current fiscal year (FY25).The company is currently raising $70 million, of which $30 million was raised last month. Its important to note that this restructuring is taking place during this time.The Good Glamm Groups post-last tranche valuation is estimated to be around $1.26 billion by the media. Following a $150 million funding round in November 2021, the business became a unicorn.Although The Good Glamm Group has not yet released its FY23 financial results, its top line exceeded Rs 250 crore in FY22, nearly doubling in value year over year. Its losses during that same time period also increased to Rs 273 crore.A GlammSOP program that allows accelerated vesting of ESOPs at the IPO has been announced by the company, which also plans to go public by Diwali 2025.