Timeline of events: Good Glamm's funding struggles, business reshuffle
Priyanka Gill becomes a venture partner at Kalaari Capital and later launches lab-grown diamond brand Coluxe.
Naiyya Saggi starts a new consumer electronics venture.
Troubled beauty and personal care startup The Good Glamm Group is undergoing a series of restructuring efforts as it faces growing financial challenges. In a recent social media post, cofounder and CEO Darpan Sanghvi opened up about missed funding opportunities and their ripple effect on the business.Here is a timeline of the key events in Good Glamm's ongoing crisis:MyGlamm rebrands as The Good Glamm Group, transitioning into a house-of-brands platform. Around this time, it also acquired Priyanka Gill's POPxo and Naiyya Saggi's Babychakra.Good Glamm raises $30 million in a flat round from existing investors, including Warburg Pincus, Prosus Ventures, Bessemer, and Accel, aimed at meeting working capital requirements.Representatives from investors Accel, Prosus Ventures, and Bessemer Venture Partners resign from the board The company sells feminine hygiene brand Sirona back to its original founders for about Rs 150 crore, well below the Rs 450 crore it paid earlier.It also offloaded ScoopWhoop, a digital media firm, to meme marketing agency WLDD for around Rs 18-20 crore, a fraction of its 2021 acquisition cost of Rs 100 crore. ET reported that the company was in talks to sell its media and talent arm MissMalini Entertainment, to marketing agency Creativefuel.The company fails to pay salaries for two consecutive months due to a cash crunch . Full and final settlements for existing employees also remain pending.The company shut its Vasant Kunj office in New Delhi earlier this year, briefly moved operations to Greater Kailash, and has now shifted to a remote-work model.
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