Content-to-commerce platform The Good Glamm Group laid-off 150 employees
According to the content-to-commerce platform The Good Glamm Group has reduced its workforce by 15% or 150 employees in the last 12-15 months.
“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 workforce reduction seems to be a part of the company’s efforts to extend its runway and reduce costs in the face of tight funding.
Almost six companies, including POPxo, Plixxo, BabyChakra, The Moms Co, ScoopWhoop, and Tweak India, have been acquired by the company since its founding.
According to sources, since being acquired by the unicorn company based in Mumbai in August 2020, the company’s influencer marketing business through PopXo has experienced growth difficulties. The Ken report claims that the majority of the company’s acquired brands are growing stagnantly and that the acquisitions haven’t 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 Lath’s 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. It’s important to note that this restructuring is taking place during this time.
The Good Glamm Group’s 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. For its high-performing staff members.
