The Good Glamm Group, a content-to-commerce platform, has reduced its workforce by 15%, equivalent to 150 employees, over the past 12-15 months, according to a company spokesperson.
“We have implemented a new organizational structure to streamline our operations, resulting in the elimination of certain redundancies during the past 15 months,” the spokesperson stated.
The downsizing effort seems to be part of a broader strategy to reduce costs and prolong financial sustainability amidst challenging funding conditions.
Since its inception, the company has acquired approximately six firms, including POPxo, Plixxo, BabyChakra, The Moms Co, ScoopWhoop, and Tweak India.
Reports suggest that the growth of its influencer marketing business through PopXo has been sluggish since its acquisition by the Mumbai-based unicorn in August 2020. According to The Ken, the company’s acquisitions have not yielded the anticipated results, with many of its acquired brands experiencing stagnant growth.
Earlier this year, co-founder Priyanka Gill announced her transition from an active role at the New Delhi-based firm to joining Kalaari Capital as a venture partner.
Additionally, the company has announced several promotions within its ranks, including Manan Jain as chief operating officer, Kartik Rao as chief people officer and SVP of founder initiatives, Ketan Bhatia as brand director, Avalok Langer as chief creative officer, Ajesh Narayanan as design head, Ashish Jadhav as head of product, and Ankita Bhardwaj as director of brand and marketing.
Recently, the group appointed Kamal Lath as its new group CFO, aiming to achieve profitability in the ongoing fiscal year (FY25).
This restructuring coincides with the company’s efforts to raise $70 million, $30 million of which has already been secured last month, as reported exclusively by Entrackr.
According to startup data intelligence platform TheKredible, the Good Glamm Group was valued at approximately $1.26 billion after its latest funding round. The company attained unicorn status following a $150 million funding round in November 2021.
While financial results for FY23 are pending, the company’s revenue crossed Rs 250 crore with nearly a 5X year-on-year surge in FY22. However, its losses also increased to Rs 273 crore during the same period.
The company has announced plans to go public by Diwali 2025 and introduced a GlammSOP program for high-performing employees, enabling accelerated vesting of ESOPs at the IPO.
