Good Glamm Group mulls Organic Harvest exit; appoints ex-KPMG COO to oversee finances
Backed by investors like Warburg Pincus, Prosus Ventures, and Bessemer Venture Partners, the Good Glamm Group had raised over $250 million to build a content-to-commerce ecosystem. But mounting debt, high burn, and delayed monetisation have forced the company to restructure.
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As funding pressures intensify, the Good Glamm Group has brought in senior executive Arjun Vaidyanathan to strengthen financial discipline and oversee spending at the troubled beauty and personal care company. Vaidyanathan, the former COO of KPMG India and most recently Group Head – Transformation at One97 Communications, has been appointed by the company’s lenders to monitor cash flow, internal controls, and payment approvals, as per reports.
“He’s not the CEO, but he’s closely monitoring how money moves,” said a person familiar with the matter. “No major payments whether to vendors or founders are allowed without his oversight. Every rupee is being accounted for.”
The move signals growing lender control as the once high-flying startup, last valued at $1.26 billion, faces a liquidity crunch. Backed by investors like Warburg Pincus, Prosus Ventures, and Bessemer Venture Partners, the Good Glamm Group had raised over $250 million to build a content-to-commerce ecosystem. But mounting debt, high burn, and delayed monetisation have forced the company to restructure.
The company is in the midst of negotiating a down round with Gujarat-based Veloce Fintech to raise fresh capital. Lenders such as Stride Ventures, Trifecta, Alteria, and Oxyzo, along with banks like HDFC and HSBC, have been tightening conditions amid delayed repayments.
Meanwhile, Good Glamm has begun divesting assets in what appears to be a series of distressed sales. It sold ScoopWhoop for just ₹18–20 crore—down sharply from its 2021 valuation and is now in advanced talks to sell Miss Malini’s domain and social media pages to marketing agency Creativefuel for ₹4 crore. The influencer business will reportedly remain with the group. Good Glamm had acquired Miss Malini in 2021 for ₹70–80 crore.
Another major acquisition, Sirona, bought for ₹450 crore, was recently sold back to its original founders for ₹150 crore. Discussions are also ongoing for a potential exit from Organic Harvest, though the deal is still at an early stage. In contrast, plans to sell The Moms Co. have been shelved after talks with cosmetic brand Buyume failed to progress.
The group's FY23 financials, delayed by 15 months, showed losses ballooned to ₹917 crore which is more than double the ₹363 crore loss reported in FY22. While revenue rose to ₹603 crore from ₹211 crore, the surge was driven largely by acquisitions, not organic growth.
Founded by Darpan Sanghvi, Priyanka Gill, and Naiyya Saggi, the Good Glamm Group had ambitious plans to integrate beauty, media, and creator platforms under one roof. Its businesses span brands like MyGlamm, St. Botanica, Sirona, The Moms Co., and Organic Harvest, with content arms like POPxo, BabyChakra, and Tweak India.
With investor exits, vendor dues pending, and brands up for sale, the group's pivot from rapid expansion to financial containment marks a sharp turn for one of India’s most talked-about D2C conglomerates. The months ahead could prove pivotal in determining whether Good Glamm can survive its own roll-up ambitions.
