Latest news with #GoodGlammGroup
Economic Times
3 days ago
- Business
- Economic Times
Good Glamm misses payroll again; Uber top-deck reshuffle
Cash-strapped 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. Also in the letter: ■ Musk in fundraising mode ■ Fresh layoffs at Microsoft■ Top exit at Prosus Good Glamm delays paying salaries again amid cash crunch Cash-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 us. What's happening? The 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 delay. Several former employees are also awaiting their full and final settlements, leaving both current and ex-staff financially stretched. Asset sales: 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. The bigger picture: 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 pipeline. Pradeep Parameswaran elevated as Uber's global mobility head in top-level rejig Uber has named Pradeep Parameswaran, its former head of India and Asia-Pacific, as the company's global head of mobility. What's happening: The move is part of a broader leadership reshuffle at the ride-hailing giant. 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: Parameswaran's promotion also highlights the growing influence of Indian-origin executives within Uber's global ranks. 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 Elon 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 business. xAI to raise $5 billion: Musk's 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, Colossus. Neuralink secures fresh cash: Neuralink 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 Capital. XChat rolls out: In 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 sharing. Tesla not into India: Tesla 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) policy. Also Read: India's new flagship EV policy to be a 'non-starter' for global biggies Microsoft cuts hundreds more jobs after firing 6,000 last month Microsoft has laid off over 300 employees on Monday, Bloomberg reported, as the company looks to rein in costs even while ramping up investments in AI. Previous round: This 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. Company's justification: 'We continue to implement organisational changes necessary to best position the company for success in a dynamic marketplace,' said a Microsoft spokesperson. Zoom out: This move reflects a broader trend in tech, where companies are reducing headcount, automating roles and prioritising AI-focused talent. 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. Also Read: As Google layoffs continue, a look at Big Tech job cuts in 2025 Prosus chief investment officer Ervin Tu to step down Ervin Tu, the group president and chief investment officer at Prosus, will step down from his role, but continue as an advisor to the company. Curriculum vitae: Tu 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 company. Changing scenario: Over 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. Quote, unquote: "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.
Time of India
05-05-2025
- Business
- Time of India
Good Glamm defers April salaries; former employees await final settlements
Beauty products and content company Good Glamm Group has delayed April salaries for its current employees and is yet to clear full and final settlements for former staff amid a cash crunch, with fundraising still pending, people aware of the matter told ET. 'The company is facing a liquidity crunch, and there has been an unexpected delay in the fundraise. HR has informed employees that April salaries will be deferred by a month and will be paid along with May salaries,' one of the persons said. 'Full and final settlements are still pending and clearing them will be a priority once the fundraise comes through,' the person added. Mint first reported the development. In January, the company had also delayed salary payments to a section of its 300-member workforce, startup news site The Arc reported earlier this year. Queries sent by ET did not receive an immediate response from Good Glamm. The Mumbai-based company has been selling or exploring the sale of various portfolio brands as part of its efforts to maintain liquidity and keep operations running during a turbulent period. On April 11, ET reported that Good Glamm is in advanced talks to sell its media and influencer talent management arm, MissMalini Entertainment, to marketing agency Creativefuel. In February, the company sold feminine hygiene brand Sirona for approximately Rs 150 crore—significantly below its original acquisition price of around Rs 450 crore. It also offloaded digital media subsidiary ScoopWhoop to Bengaluru-based agency WLDD at a valuation of Rs 18–20 crore, a fraction of the Rs 100 crore it paid to acquire the brand in 2021. The company has also explored stake sales in other assets, including personal care brands Organic Harvest and The Moms Co, as well as content platform POPxo. Formed in 2021 through the merger of Darpan Sanghvi's MyGlamm (founded in 2017), Priyanka Gill's POPxo (2013), and Naiyya Saggi's BabyChakra (2015), the Good Glamm Group has witnessed a series of senior-level exits in the recent past. In May 2024, Sukhleen Aneja, CEO of its D2C arm, The Good Brands Co, moved to beauty e-tailer Nykaa . Gill stepped into a venture partner role at Kalaari Capital before launching her own lab-grown diamond brand, Coluxe, while Saggi is launching a new startup in the consumer electronics space. Good Glamm last raised $30 million in a flat round from existing investors, including Warburg Pincus, Prosus, Bessemer Venture Partners, and Accel .
