Darpan Sanghvi, Founder and CEO of The Good Glamm Group, issued a formal apology to employees and stakeholders as the once high-flying content-to-commerce unicorn grapples with a severe funds crunch, unpaid salaries, and mounting operational disruptions.
The apology, posted on LinkedIn and later deleted, comes amid growing unrest among current and former employees, many of whom have not received salaries since February 2025.
Darpan acknowledged the company’s financial distress and accepted moral responsibility for the crisis, stating, “I never imagined, even in my worst fears, that we’d be here”.
The Collapse of a Lifeline Deal for Good Glamm
According to Darpan, the crisis was triggered by the last-minute collapse of a brand acquisition deal that was expected to secure the company’s future.
“Everything was done, but just before we could sign and secure Good Glamm, the CEO of the acquiring company stepped down at the last moment, and the deal fell through,” he wrote.
This unexpected setback led to a chain reaction of financial strain, including salary delays, halted vendor payments, and a breakdown in cash flow.
Darpan described it as “a gut punch out of nowhere” that left the company scrambling for funding and operational continuity.
Good Glamm Employee Fallout and Office Closures
The impact has been felt across the organization.
Salaries for over 150 employees in departments such as branding, tech, product, and sales have been delayed since April.
Former employees have reported being “ghosted” by HR, with no communication regarding experience letters, Form 16s, or final settlements.
In response to the crisis, Good Glamm has implemented aggressive cost-cutting measures, including:
- Shutting down its Kurla West office in Mumbai
- Permanently closing its Vasant Kunj office in Delhi
- Transitioning to remote work for remaining staff
Some ex-employees have reportedly held on to company-issued laptops until dues are cleared, highlighting the erosion of trust between staff and leadership.
Restructuring and Asset Sales Underway
To stay afloat, Good Glamm has initiated restructuring discussions with lenders such as HSBC, Oxyzo, and Stride Ventures, among others.
The company is also offloading several assets:
- Sirona, sold back to its original founders for ₹150 crore (acquired for ₹450 crore)
- ScoopWhoop, sold to WLDD for ₹18–20 crore (acquired for ₹100 crore)
- MissMalini, in advanced talks to be sold to Creativefuel for ₹4 crore (acquired for ₹70–80 crore)
The firm is also exploring the sale of stakes in The Moms Co, Organic Harvest, and POPxo, signaling a broader retreat from its aggressive acquisition strategy.
Leadership Exodus and Investor Concerns
The crisis has triggered a wave of high-profile exits, including:
- Kartik Rao, former Chief People Officer, who joined Vahan.ai
- Sukhleen Aneja, CEO of The Good Brands Co., now at Nykaa
- Priyanka Gill and Naiyya Saggi, co-founders, pursuing new ventures
Board members from Accel, Prosus Ventures, and Bessemer Venture Partners resigned earlier this year, reflecting growing investor unease.
A Promise to Make Things Right
Despite the turmoil, Darpan pledged to resolve the crisis, “It is my moral responsibility to resolve this for every past and present employee, and for every stakeholder… and I promise you: I will not stop until I do”.
While restructuring talks continue, the road to recovery remains uncertain.
The Good Glamm Group was once valued at $1.26 billion. It now faces a credibility crisis that could reshape its future within India’s D2C landscape.
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