Latest news with #GoodGlamm
Time of India
3 days ago
- Business
- Time of India
Startups eye insurance pie; Good Glamm's salary delay
Next Startups eye insurance pie; Good Glamm's salary delay Want this newsletter delivered to your inbox? Also in the letter: Startups leverage distribution chops to gain ground in general insurance Piece of pie: Rapido is seeking the insurance regulator's nod for the licence. Vehicle management firm Park+ entered the fray in March with a full-stack distribution license. Fintech firms like Freo and wealth management startup IndMoney are also making their move. Strategy take: Other players: Also Read: Good Glamm delays paying salaries again amid cash crunch What's happening? Asset sales Also Read: The bigger picture: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Hyundai, Kia sell shares worth Rs 690 crore in Ola Electric via block deal Tell me more: Big buyer: Stock hit: Tough quarter: IndiaAI empanelment drives down prices of GPUs in second round Driving the news: The hourly rate for the same GPU model fell between Rs 4 and Rs 1,234 from round one to round two. Thanks to a 40% government subsidy, India may now offer some of the world's lowest GPU service prices. The second round includes 53 GPU categories Prices have dropped in 16 of those categories, compared to the first round. Other Top Stories By Our Reporters TCS, Virgin Atlantic extend tech alliance of two decades: Wipro signs deal with US security solutions firm Entrust: OpenAI announces $150,000 in grants to 11 Indian nonprofits for social innovation: Musk kicks off xAI, Neuralink fundraises after DOGE farewell: Global Picks We Are Reading Happy Wednesday! Startups are eyeing a piece of the general insurance market. This and more in today's ETtech Morning Dispatch.■ Ola Electric block deal■ GPU price reductions■ TCS-Virgin Atlantic allianceStartups are leveraging their distribution muscle to carve out a larger share of India's underpenetrated general insurance market.A growing number of startups have secured or are applying for corporate agency licences, which allow them to partner with up to 27 insurers across life, general and health vehicle management or ride-hailing companies, car insurance is a logical extension, and a sizable opportunity, according to industry insiders.'Since car insurance is a mandatory product, many vehicle owners opt for the cheapest available option. That limits room for product innovation," one expert said, adding that the viability of the business is a challenge in the made its entry into insurance a few years ago, offering full-stack products for both driver-partners and customers. Fintech major Cred is eyeing the same route via its vehicle tracking platform, encourage wider adoption, the Insurance Regulatory and Development Authority of India (IRDAI) is promoting greater participation by startups in insurance distribution. Meanwhile, insurers themselves are increasingly open to tech-led beauty and content platform Good Glamm Group has delayed employee salaries for a second consecutive month, as it continues to grapple with a funding squeeze, sources told company had previously informed employees that April salaries would be deferred and paid along with May's in June. However, as of June 3, no salaries have been credited, and this time, management has not provided any explanation for the former employees are also awaiting their full and final settlements, leaving both current and former staff financially strained.: To stay afloat, the Mumbai-based company has been selling or exploring the sale of multiple portfolio brands. Sources said Good Glamm is in talks to sell its stake in personal care brand Organic Harvest back to the brand's founders. As we've reported earlier, it has already exited Sirona and ScoopWhoop Once valued at over a billion dollars, Good Glamm pursued an aggressive acquisition spree during the peak of the roll-up ecommerce boom, rapidly acquiring direct-to-consumer (D2C) and content brands. However, scaling and integrating those businesses proved more challenging than anticipated, leading to layoffs, restructuring, stalled growth, and a depleted funding Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Motor and Kia Corporation have sold shares worth nearly Rs 690 crore in electric two-wheeler maker Ola Electric through open market offloaded 108 million shares at Rs 50.70 apiece, totalling Rs 551.9 crore. Kia sold 27 million shares at Rs 50.55 each, amounting to Rs 137.3 crore, according to NSE Global Markets Mauritius picked up shares worth Rs 435.4 crore in the same Electric shares closed 8% lower at Rs 49.33 on the NSE on June Bengaluru-based firm has endured a challenging fourth quarter , marked by declining market share, a falling stock price, and increasing regulatory India AI Mission has triggered a 10% drop in the lowest (L1) prices for graphics processing units (GPUs) in the second round of the tenders, data reviewed by ET from the first round will now be asked to match these revised prices, unlocking significant savings for end Consultancy Services (TCS) and UK-based airline Virgin Atlantic have extended their technology partnership for an additional seven years, aiming to drive artificial intelligence (AI)-led airline operations and enhance the customer the country's fourth-largest IT services company, announced on Tuesday that it has entered into a multi-year agreement with Entrust, a US-based company focused on identity-centric security solutions. The financial details of the deal were not intelligence (AI) model developer OpenAI has announced grants totaling $150,000 for nonprofit organisations in India that address challenges in healthcare, education, agriculture, gender equity, and disability Elon Musk is busy raising fresh funds for his new-age companies as he steps away from politics and refocuses on managing his businesses. The richest person in the world recently bid farewell to the Department of Government Efficiency (DOGE) amid widespread backlash and his apparent disillusionment with the current administration.■ How to make AI faster and smarter—with a little help from physics ( Wired ■ VC money is fueling a global boom in worker surveillance tech ( Rest of World ■ New spying claims emerge in Silicon Valley corporate espionage scandal ( FT
Time of India
3 days ago
- Business
- Time of India
Good Glamm misses payroll; Uber leadership reshuffle
Good Glamm misses payroll; Uber leadership reshuffle Also in the letter: Good Glamm delays paying salaries again amid cash crunch What's happening? Asset sales: The bigger picture: Pradeep Parameswaran elevated as Uber's global mobility head in top-level rejig What's happening: Parameswaran joins Uber's executive leadership team and will report directly to CEO Dara Khosrowshahi. He replaces Andrew Macdonald, who has been promoted to chief operating officer after a 13-year run at the company. This marks Parameswaran's second promotion in just over a year, after being elevated from his APAC role to global head of business development. Indian leadership: In October 2024, Sachin Kansal and Praveen Naga were appointed chief product officer and chief technology officer, respectively. In December 2023, Madhu Kannan, a former executive of the Tata Group, joined Uber as its global head of corporate development. Musk kicks off xAI, Neuralink fundraises after DOGE farewell xAI to raise $5 billion: Neuralink secures fresh cash: XChat rolls out: Tesla not into India: Also Read: Microsoft cuts hundreds more jobs after firing 6,000 last month Previous round: Company's justification: Zoom out: Last week, ET reported that Salesforce CFO and COO Robin Washington said the company is slowing hiring and reassigning about 500 customer service employees to new roles, a shift expected to save $50 million. In April, Microsoft CEO Satya Nadella revealed that AI now writes roughly 30% of the code across the company's repositories. Prosus chief investment officer Ervin Tu to step down Curriculum vitae: Changing scenario: Quote, unquote: Broke beauty platform Good Glamm Group did not pay wages for the second month in a row. This and more in today's ETtech Top 5.■ Musk in fundraising mode■ Fresh layoffs at Microsoft■ Top exit at ProsusCash-strapped beauty and content platform Good Glamm Group has delayed employee salaries for a second consecutive month, as it continues to grapple with a funding squeeze, sources told company had previously informed employees that April salaries would be deferred and paid along with May's in June. However, as of June 3, no salaries have been credited, and this time, management has not provided any explanation for the former employees are also awaiting their full and final settlements, leaving both current and ex-staff financially stay afloat, the Mumbai-based company has been selling or exploring the sale of multiple portfolio brands. Sources said Good Glamm is in talks to sell its stake in personal care brand Organic Harvest back to the brand's founders. As we've reported earlier, it has already exited Sirona and ScoopWhoop Once valued at over a billion dollars, Good Glamm pursued an aggressive acquisition spree during the peak of the roll-up ecommerce boom, rapidly acquiring direct-to-consumer (D2C) and content brands. However, scaling and integrating those businesses proved more challenging than anticipated, leading to layoffs, restructuring, stalled growth, and a depleted funding has named Pradeep Parameswaran , its former head of India and Asia-Pacific, as the company's global head of move is part of a broader leadership reshuffle at the ride-hailing promotion also highlights the growing influence of Indian-origin executives within Uber's global Musk is back on the fundraising saddle , channelling efforts into his new-age companies–xAI and Neuralink, as he sidelines political distractions to refocus on AI venture is seeking to raise $5 billion. Morgan Stanley is shopping the debt at a double-digit interest rate, with the package comprising a floating-rate term loan, a fixed-rate term loan, and senior secured notes. Separately, Musk is selling $300 million worth of xAI shares through a secondary offering, aiming for a sky-high valuation of $113 billion. The funds will likely go towards scaling AI infrastructure, including a data centre in Memphis, and xAI's supercomputer, has raised $650 million as it kicks off clinical trials. The round saw participation from ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, QIA, Sequoia Capital, Thrive Capital, Valor Equity Partners and Vy his push to turn X into an 'everything app', Musk has unveiled XChat, a replacement for the legacy direct message (DM) feature inherited from Twitter. The feature offers Bitcoin-style encryption, disappearing messages, cross-platform audio and video calls, and native file has no plans to manufacture in India , according to union heavy minister HD Kumaraswamy. His comment comes just as India announces its new flagship electric vehicle (EV) has laid off over 300 employees on Monday, Bloomberg reported, as the company looks to rein in costs even while ramping up investments in comes weeks after Microsoft let go of around 6,000 staff in its biggest layoff round in years. That wave cut across levels, teams and regions. However, software engineers, particularly those based in its Washington home, bore the brunt.'We continue to implement organisational changes necessary to best position the company for success in a dynamic marketplace,' said a Microsoft move reflects a broader trend in tech, where companies are reducing headcount, automating roles and prioritising AI-focused Tu, the group president and chief investment officer at Prosus, will step down from his role , but continue as an advisor to the joined Prosus in August 2021 and has since led several key initiatives, including simplifying the group's structure, improving financial performance, overseeing the ongoing share repurchase programme, and enhancing the operations of the investment team at the Naspers-controlled the past 10 months, under the leadership of CEO Fabricio Bloisi, Prosus has transitioned from an investment holding company to an operating tech business, with a sharper focus on lifestyle ecommerce across its core markets in Latin America, India, and Europe. Against this backdrop, Tu believes now is the right time to move on, the company added."I have enjoyed my time with the group immensely, I've accomplished what I wanted to achieve, and the Group is in very good hands," Tu said.
Time of India
3 days ago
- Business
- Time of India
Good Glamm faces another salary delay, employee says, ‘At this point it is obvious…'
Beauty and content commerce startup Good Glamm Group has delayed employee salaries for the second consecutive month. According to a report by Economic Times, the company delayed the salaries due to the ongoing financial struggles. Tired of too many ads? go ad free now The company, which had earlier assured staff that April and May salaries would be disbursed together in June, has failed to credit payments as of June 3, leaving employees in uncertainty. The delay has also affected former employees, whose full and final settlements remain unpaid, adding to the financial strain. 'April and May salaries were supposed to come together, but that doesn't seem likely to happen anytime soon. At this point, it's obvious to everyone that it's because of funding,' an employee told ET. Funding issues and more Good Glamm has been struggling to secure fresh funding, with anticipated investments failing to materialise since January. In an effort to maintain liquidity, the company has been exploring the sale of several portfolio brands, including Organic Harvest, which may be sold back to its original founders. The financial uncertainty has triggered a wave of employee exits, including the departure of Kartik Rao, the group's former chief people officer, who recently joined AI-driven recruitment platform Freelancers working with Good Glamm have also raised concerns over delayed payments. Babita Bharati, a freelance copywriter for The Moms Co, shared on LinkedIn that she is yet to receive her full payment of Rs 18,100, citing repeated delays due to pending investor funding. Cost-cutting measures taken by Good Glamm As part of its restructuring efforts, Good Glamm shut down its Vasant Kunj office in New Delhi earlier this year, temporarily relocating operations to Greater Kailash before shifting to a remote work model. Tired of too many ads? go ad free now The company has also been in advanced talks to sell MissMalini Entertainment, its media and influencer talent management arm, to marketing agency Creativefuel. Earlier this year, it sold Sirona, a feminine hygiene brand, back to its founders for Rs 150 crore, significantly lower than the Rs 450 crore it had paid to acquire the brand. Investor confidence in Good Glamm has been shaken, with representatives from Accel, Prosus Ventures, and Bessemer Venture Partners resigning from the company's board in January. The company raised $30 million in March 2024 to support working capital needs, but a larger funding round remains elusive.
Time of India
3 days ago
- Business
- Time of India
Good Glamm delays paying salaries again amid cash crunch
Beauty products and content company Good Glamm Group , which is grappling with a cash crunch and seeking to raise capital at a significantly marked-down valuation, has delayed employee salaries for the second consecutive month, people familiar with the matter told ET. The company had earlier informed employees that their April pay would be disbursed along with the salary for May in June. However, as of June 3, salaries have not been credited, and there has been no communication so far from the management on the delay. Additionally, full and final settlements for former employees have also not been cleared, leaving both current and ex-staff under significant financial strain. 'April and May salaries were supposed to come together, but that doesn't seem likely to happen anytime soon. At this point, it's obvious to everyone that it's because of funding. Good Glamm Group was under the impression that funding would arrive in January, and it has been delayed since then,' an employee told ET on condition of anonymity. Babita Bharati, who worked as a freelance copywriter for Good Glamm's portfolio brand The Moms Co in March and April, took to LinkedIn to share screenshots alleging she is yet to receive her full payment of Rs 18,100. 'They are waiting for investor funding to clear dues. It just shows how bad things are. Every time I emailed someone, they had already left the company—even my point of contact,' she told ET. The Mumbai-based company has been selling or exploring the sale of several portfolio brands in a bid to maintain liquidity and keep operations running during this turbulent period. According to one person aware of the developments, Good Glamm is evaluating the sale of its stake in personal care brand Organic Harvest back to the brand's founders. However, the company continues to struggle meeting expenses. The uncertainty has also triggered a wave of employee exits. The latest high-profile departure came when Kartik Rao, the group's former chief people officer and a board member at WYN Beauty (a joint venture with Serena Williams), left to join AI-driven recruitment platform Vahan. ai. Good Glamm declined to comment on ET's queries. As part of its cost-cutting measures, the company shut down its Vasant Kunj office in New Delhi earlier this year. Operations temporarily moved to a location in Greater Kailash, but employees are now working remotely, one staffer confirmed. On April 11, ET reported that the company is in advanced talks to sell its media and influencer talent management arm, MissMalini Entertainment, to marketing agency Creativefuel. In February, Good Glamm sold feminine hygiene brand Sirona back to its original founders for around Rs 150 crore—well below the Rs 450 crore it had paid to acquire the brand. It also offloaded digital media subsidiary ScoopWhoop to Bengaluru-based meme marketing agency WLDD at a valuation of Rs 18–20 crore, a fraction of the Rs 100 crore it paid in 2021. The company has also explored selling stakes in other assets, including personal care brand The Moms Co and content platform POPxo. On January 29, representatives from investment firms Accel, Prosus Ventures, and Bessemer Venture Partners resigned from the company's board. In March 2024, Good Glamm raised USD 30 million in a flat round from existing investors, including Warburg Pincus, Prosus Ventures, Bessemer, and Accel. The funding was intended to support working capital needs and bridge a larger round that is yet to materialise. Good Glamm was formed in 2021 through the merger of Darpan Sanghvi's MyGlamm, Priyanka Gill's POPxo, and Naiyya Saggi's BabyChakra. Over the past year, the company has witnessed a string of high-profile exits. In May 2024, Sukhleen Aneja, the chief executive of The Good Brands (Good Glamm's D2C vertical), left to join beauty and fashion retailer Nykaa. Gill became a venture partner at Kalaari Capital before launching her own lab-grown diamond brand, Coluxe, while Saggi is starting a new consumer electronics venture.
Time of India
3 days ago
- Business
- Time of India
Good Glamm delays paying salaries again amid cash crunch
Live Events Beauty products and content company Good Glamm Group , which is grappling with a cash crunch and seeking to raise capital at a significantly marked-down valuation, has delayed employee salaries for the second consecutive month, people familiar with the matter told company had earlier informed employees that their April pay would be disbursed along with the salary for May in June. However, as of June 3, salaries have not been credited, and there has been no communication so far from the management on the full and final settlements for former employees have also not been cleared, leaving both current and ex-staff under significant financial strain. 'April and May salaries were supposed to come together, but that doesn't seem likely to happen anytime soon. At this point, it's obvious to everyone that it's because of funding. Good Glamm Group was under the impression that funding would arrive in January, and it has been delayed since then,' an employee told ET on condition of Bharati, who worked as a freelance copywriter for Good Glamm's portfolio brand The Moms Co in March and April, took to LinkedIn to share screenshots alleging she is yet to receive her full payment of Rs 18,100. 'They are waiting for investor funding to clear dues. It just shows how bad things are. Every time I emailed someone, they had already left the company—even my point of contact,' she told Mumbai-based company has been selling or exploring the sale of several portfolio brands in a bid to maintain liquidity and keep operations running during this turbulent to one person aware of the developments, Good Glamm is evaluating the sale of its stake in personal care brand Organic Harvest back to the brand's founders. However, the company continues to struggle meeting uncertainty has also triggered a wave of employee exits. The latest high-profile departure came when Kartik Rao, the group's former chief people officer and a board member at WYN Beauty (a joint venture with Serena Williams), left to join AI-driven recruitment platform Vahan. ai Good Glamm declined to comment on ET's part of its cost-cutting measures, the company shut down its Vasant Kunj office in New Delhi earlier this year. Operations temporarily moved to a location in Greater Kailash, but employees are now working remotely, one staffer April 11, ET reported that the company is in advanced talks to sell its media and influencer talent management arm, MissMalini Entertainment, to marketing agency February, Good Glamm sold feminine hygiene brand Sirona back to its original founders for around Rs 150 crore—well below the Rs 450 crore it had paid to acquire the brand. It also offloaded digital media subsidiary ScoopWhoop to Bengaluru-based meme marketing agency WLDD at a valuation of Rs 18–20 crore, a fraction of the Rs 100 crore it paid in company has also explored selling stakes in other assets, including personal care brand The Moms Co and content platform January 29, representatives from investment firms Accel, Prosus Ventures, and Bessemer Venture Partners resigned from the company's board In March 2024, Good Glamm raised $30 million in a flat round from existing investors, including Warburg Pincus, Prosus Ventures, Bessemer, and Accel. The funding was intended to support working capital needs and bridge a larger round that is yet to Glamm was formed in 2021 through the merger of Darpan Sanghvi's MyGlamm, Priyanka Gill's POPxo, and Naiyya Saggi's the past year, the company has witnessed a string of high-profile exits. In May 2024, Sukhleen Aneja, the chief executive of The Good Brands (Good Glamm's D2C vertical), left to join beauty and fashion retailer Nykaa. Gill became a venture partner at Kalaari Capital before launching her own lab-grown diamond brand, Coluxe, while Saggi is starting a new consumer electronics venture.
