The Good Glamm Group, once valued at over $1 billion, is being dismantled. Founder and CEO Darpan Sanghvi confirmed on Wednesday that the company’s lenders have decided to sell its individual brands separately, marking the end of Good Glamm’s structure as a unified entity.
“Our lenders have decided to enforce their charge on the individual brands under the Good Glamm Group. What this means is that there will no longer be a group-wide solution which will allow all the brands to continue under a single umbrella,” Sanghvi said in a statement on Linkedin.
The move comes after months of financial difficulties, including unpaid dues to vendors and employees, a failed revival plan, and a series of leadership exits.
Good Glamm started with beauty brand MyGlamm in 2017 and expanded quickly through a series of acquisitions starting in 2021. These included digital platforms like POPxo and BabyChakra and D2C brands such as The Moms Co., Sirona, St. Botanica, and Organic Harvest.
The goal was to build a content-to-commerce ecosystem that could reduce customer acquisition costs and scale more efficiently. While this strategy initially showed promise, the pace and cost of acquisitions, coupled with difficulties in scaling, put pressure on the business.
By early 2025, signs of strain had become visible. In January, representatives from investors Accel, Prosus Ventures, and Bessemer Venture Partners resigned from the company’s board.
In February, Sirona’s founders repurchased the brand for Rs 150 crore, a few months after Good Glamm had completed its acquisition at Rs 450 crore. ScoopWhoop was sold to marketing agency WLDD at a lower valuation than when it was acquired in 2021.
In March last year, the company raised $30 million through a rights issue, but growth remained limited. It eventually cut down marketing spends, laid off teams, and scaled back operations in a bid to reduce cash burn.
Good Glamm reported a loss of Rs 917 crore in FY23, up from Rs 362.5 crore in FY22. Revenue increased to Rs 603 crore in the same period, up from Rs 211.4 crore the previous year. The company has not yet filed its FY24 numbers.
Meanwhile, several senior leaders exited. Sukhleen Aneja, CEO of The Good Brand Co., moved to Nykaa. Co-founder Naiyya Saggi left operational roles to start a new venture, and Priyanka Gill, who headed the media business, joined Kalaari Capital.
Personal commitment from CEO Darpan Sanghvi
Sanghvi said he is making a personal commitment to help settle unpaid salaries. “Over the next couple of months, if the lenders are unable to complete a sale of the different brands, and / or, through the future buyers and new owners of the brands, if we are unable to clear any portion of the employee dues, then I am giving a personal commitment to each of you, that moving forward 25% of what I earn (post-tax) from salary or gains from equity in any venture, will go toward making you whole.”
“However long it takes, I will keep working till everyone is taken care of…”
He also mentioned plans to set up a ‘Good Glamm Restitution Fund’ that would allocate equity from any of his future ventures to repay vendors and shareholders.
Good Glamm is the latest in a string of well-funded startups to face financial setbacks. Other examples include Dunzo, which scaled down operations in 2024, and Byju’s, which is dealing with ongoing liquidity and governance issues. Companies like Zilingo and Koo have also struggled to sustain operations.
Good Glamm’s journey reflects the risks of rapid expansion and underlines the challenges of balancing growth with financial stability in India’s startup ecosystem.
