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The Good Glamm Group FY23: Reports INR 917 Cr Loss, Sales Jump To INR 603 Cr

Inc42 · 1y ago

The Good Glamm Group FY23: Reports INR 917 Cr Loss, Sales Jump To INR 603 Cr

Content-to-commerce platform, The Good Glamm Group, reported a net loss of INR 917 Cr in the financial year ending on March 31, 2023. This is a significant increase of 153% compared to the previous year's loss of INR 362.5 Cr. The startup's total expenditure also saw a substantial rise, reaching INR 1,559 Cr, a 170% increase from the previous year. The company's financial documents with the Ministry of Corporate Affairs revealed these figures after a 15-month delay.

Related News

Good Glamm Buys Remaining Stake In Sirona For INR 450 Cr

Inc42 · 10m ago

Good Glamm Buys Remaining Stake In Sirona For INR 450 Cr

- Good Glamm Group acquires remaining 49.42% stake in Sirona for INR 450 Cr - Cofounders of Sirona, Deep and Mohit Bajaj, exit the company with an all-cash deal - Good Glamm Group previously acquired a 41.15% stake in Sirona for INR 100 Cr in 2021 - Sirona is a femtech startup founded in 2015 - Sirona specializes in selling female hygiene products including herbal pain relief patches, period stain remover, sanitary napkins, and menstrual cups

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Inc42 · 1y ago

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Ola Financial Services recorded a net loss of INR 54.6 Cr in FY23, compared to a profit of INR 8.6 Cr in FY22. Ola's parent company, ANI Technologies, reduced its consolidated net loss by 49.2% to INR 772.2 Cr in FY23. Ola's sales increased by 63% to INR 1,987.5 Cr, while its net loss decreased by 64.8% to INR 1,082.5 Cr in FY23. Ola's rival, Uber India, saw its net sales rise by 54% to INR 2,666.1 Cr in FY23, with a loss of INR 311.3 Cr. Ola Electric is also planning an IPO to raise funds.

WLDD in talks to acquire ScoopWhoop from The Good Glamm Group

Entrackr

Entrackr · 6m ago

WLDD in talks to acquire ScoopWhoop from The Good Glamm Group

Marketing company Wubba Lubba Dub Dub (WLDD) is in talks to acquire the digital media platform ScoopWhoop from The Good Glamm Group (GGG). Livemint, which first reported the development, stated that WLDD has issued a term sheet, and due diligence is currently in progress. The report also mentioned that The Good Glamm Group is planning to sell ScoopWhoop for Rs 18-20 crore. It’s worth noting that ScoopWhoop was acquired by The Good Glamm Group in a deal worth around Rs 100 crore in October 2021. The Good Glamm Group declined to comment on the story. Last week, Sirona repurchased its brand from The Good Glamm Group to operate independently. According to sources, the buyback occurred at a significantly lower price than the original acquisition deal. The Darpan Sanghvi-led company may allocate proceeds from selling its digital media vertical to cover salaries, vendor payouts, and other payment obligations. Over the past year, Good Glamm has struggled financially, experiencing salary delays and layoffs. Media reports indicate that the group is now negotiating a funding round at a substantially lower valuation. The Delhi-based firm became a unicorn in 2021 with a $250 million funding round. Since then, it has raised $30 million in a bridge round in March last year. Last month, The Good Glamm Group witnessed the exit of key representatives, including Anand Daniel (Accel Partners), Vishal Gupta (Bessemer), and Gaurav Kothari (Prosus Ventures), who resigned as independent directors. In January 2024, Priyanka Gill, co-founder of The Good Glamm Group, also decided to step down from her active role at the New Delhi-based company.

Creativefuel acquires Miss Malini for Rs 6 Cr

YourStory

YourStory · 4m ago

Creativefuel acquires Miss Malini for Rs 6 Cr

Creativefuel is acquiring MissMalini Entertainment from the Good Glamm Group for Rs 6 crore. The deal includes MissMalini's domain and social media assets, while the talent management arm remains with Good Glamm. This move follows Good Glamm's recent divestments, including selling Sirona back to its founders and digital platform ScoopWhoop to WLDD, amid financial challenges. The company is considering selling stakes in other brands and seeking fresh funds due to liquidity issues and investor departures.

Content-to-commerce platform The Good Glamm Group lays off 150 employees

Economic Times

Economic Times · 1y ago

Content-to-commerce platform The Good Glamm Group lays off 150 employees

Content-to-commerce platform The Good Glamm Group recently laid off 150 employees, around 15% of its workforce. The company implemented a new organizational framework to streamline operations and eliminate redundancies over the past year. The move is part of the company's strategy to become profitable by FY25. The restructuring also involved promotions and new appointments, including Manan Jain as group COO, Kartik Rao as group chief people's officer, and Ashish Jadhav as group head of product. The Good Glamm Group recently raised INR 245 crore (around $30 million) to fulfill its working capital needs.

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Inc42 · 1y ago

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Ola Electric has filed for an IPO to raise INR 5,500 Cr by issuing new shares. The startup's sales in the first three months of FY24 reached INR 1,242.7 Cr, almost half of the revenue reported in FY23. Ola Electric's primary source of revenue comes from two-wheeler sales. The company reported a net loss of INR 268 Cr in Q1 of FY24 and a net loss of INR 1,471.6 Cr in FY23. Its major expenditure is on procurement, which accounted for 76% of total expenses in Q1 of FY24. Ola Electric competes with Ather, Bounce Infinity, Hero, Revolt, TVS, Okinawa, among others.

The Good Glamm Group Co-founder Priyanka Gill launches Coluxe

Inshorts · 6m ago

The Good Glamm Group Co-founder Priyanka Gill launches Coluxe

Serial entrepreneur Priyanka Gill, co-founder of The Good Glamm Group, has launched COLUXE, a lab-grown diamond brand aiming to redefine luxury and sustainability in India's fine jewellery market. Gill's previous venture, POPxo, merged with MyGlamm in 2020, leading to the formation of The Good Glamm Group. Priyanka holds 0.1% in Good Glam Group.

Good Glamm restructuring talks underway, CEO says in note apologising for salary delays - The Economic Times

Economic Times

Economic Times · 1m ago

Good Glamm restructuring talks underway, CEO says in note apologising for salary delays - The Economic Times

Good Glamm Group, facing significant financial strain, is undergoing restructuring and exploring asset sales, including Sirona and ScoopWhoop. Recent financial struggles have led to salary delays and challenges in raising funds, further exacerbated by a failed acquisition deal. The company is selling stakes in various brands to maintain liquidity, amid high-profile employee departures and office closures. Despite these challenges, Good Glamm recently raised $30 million to support its operations.

Good Glamm bets on US make-up brand with Serena Williams

The Arc Web

The Arc Web · 1y ago

The Good Glamm Group has partnered with Serena Williams to launch a new make-up line called Wyn Beauty in the US. The affordable beauty products will be available exclusively in Ulta Beauty stores. Good Glamm expects Wyn to contribute 25-35% to its sales in the next fiscal year. The success of Wyn could also pave the way for expansion of other brands in Good Glamm's portfolio. The company is eyeing an IPO and has recently raised $30 million from existing investors.

Sirona founders, IAN withdraw default notices against Good Glamm Group

Livemint

Livemint · 10m ago

Sirona founders, IAN withdraw default notices against Good Glamm Group

- Good Glamm Group has completed the acquisition of women's wellness brand Sirona Hygiene for ₹450 crore ($60 million) in an all-cash deal. - Founders of Sirona Hygiene and investor IAN previously filed default notices against Good Glamm Group for non-payment of dues, but the notices have now been withdrawn after an agreement was reached for pending payments. - Good Glamm Group invested ₹100 crore in Sirona in 2022 and is said to have earned substantial returns for early investors. - Sirona has tripled its revenues in the past 24 months and recently acquired the direct-to-consumer brand Impower. - Good Glamm Group operates across multiple verticals and is backed by investors such as Warburg Pincus, Prosus Ventures, and Amazon.

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