SUMMARY
Sources said that the exercise was undertaken over a period of 12 months and the layoffs were a result of the startup completing the integration of all the companies it has acquired
The startup said it is eyeing its IPO by Diwali 2025, and as part of this announced several promotions, including elevating Manan Jain as Group COO
The Good Glamm Group also announced the GlammSOP programme for its high-performing employees that will allow for accelerated vesting of their ESOPs at IPO
Content-to-commerce platform The Good Glamm Group has laid off around 150 employees, or 15% of its workforce, in a restructuring exercise undertaken with an aim to turn profitable in FY25.
Sources told Inc42 that the exercise was undertaken over a period of about 12 months. The layoffs were a result of the startup completing the integration of all the companies it has acquired.
In a statement, The Good Glamm Group said, “The agile organisational framework has been created by the Group to focus on maximising value for customers (internal and external) by minimising lags in execution and operations. This included the Group streamlining overall ways of working between departments by increasing cross departmental responsibilities, faster decision making by empowering junior managers with controlled budgets and collapsing hierarchies and eliminating redundancies (people, process, and system) for reducing steps in execution and enhancing productivity.”
The startup said it is eyeing its initial public offering (IPO) by Diwali 2025, and as part of this announced several promotions. The following is a list of the employees who have been promoted and their new roles:
- Manan Jain – Group Chief Operating Officer
- Kartik Rao – Group Chief People Officer and SVP of Founder Initiatives
- Ketan Bhatia – Group Brand Director
- Avalok Langer – Group Chief Creative Officer
- Ajesh Narayanan – Group Design Head
- Ashish Jadhav – Group Head of Product
- Ankita Bhardwaj – Director of Brand & Marketing
The startup has also appointed Kamal Lath as the Group CFO.
Meanwhile, The Good Glamm Group also announced the GlammSOP programme for its high-performing employees that will allow for accelerated vesting of their ESOPs at the IPO.
Speaking on the announcement, Darpan Sanghvi, group founder & CEO of The Good Glamm
Group, said, “With the Group on a distinctive growth trajectory and now approaching profitability, we are excited to unveil a systematic approach towards an Agile organisational framework that will allow us for faster execution in the run up to our IPO”.
The fresh development comes on the heels of the startup raising $35 Mn from existing investors. It is also said to be awaiting an additional $35 Mn funding from new investors at a flat valuation of $1.2 Bn.
Sanghvi founded D2C brand MyGlamm in 2017, Priyanka Gill founded digital media platform POPxo in 2013, and Naiyya Saggi founded online parenting startup BabyChakra in 2015. The three brands came together and rebranded as The Good Glamm Group in September 2021.
Since then, The Good Glamm Group has acquired almost a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona.
Currently, The Good Glamm Group has four verticals – The Good Brands Co, which has a portfolio of D2C beauty and personal care brands, digital content platform The Good Media Co; tech-enabled influencer platform The Good Creator Co; and Good Community, an omni-channel network of consumers and experts focusing on beauty, parenting, sexual and intimate health.
To date, the startup has raised $270 Mn in funding and counts the likes of Prosus Ventures, Warburg Pincus, L’Occitane, Bessemer Ventures, and Amazon among its investors.
