The representatives of investment firms Prosus Ventures, Accel and Bessemer Venture Partners have stepped down from the board of the content-to-commerce platform The Good Glamm Group.
According to the company’s filings with the ministry of corporate affairs, three independent directors – Accel’s Anand Daniel, Bessemer’s Vishal Gupta and Prosus’ Gaurav Kothari – stepped down in December.
This comes at a time when the company is battling with fund crunch and has delayed the salary payments of some of its employees. In 2024, it had to let go of 15% or about 150 of its employees across departments.
“Good Glamm received term sheets for a new round of fund raising in December and is currently in the last stages of closing the same,” a spokesperson of the company told FE on Wednesday.
“We will not be making any comments until after the close of our fund raise.”
The company owns brands like MyGlamm, The Moms Co and Sirona. Reports have also suggested that it is looking to divest some of its brands and is talking with potential buyers.
The company had recently completed the acquisition of Sirona and The Moms Co. Last year, these startups had issued default notices to The Good Glamm Group for failing to make the final payments. However, the issue was later resolved.
According to Tracxn, The Good Glamm Group has raised a total funding of $432 million over 22 rounds. Its last funding round was a Series E round on April 12, 2024, for $10.7 million, with participation from Amazon and L’Occitane, valuing the company at $1.25 billion.
The company has also had several top-level exits of late. In May 2024, Sukhleen Aneja, CEO of the company’s D2C vertical, The Good Brands, stepped down from the post and joined Nykaa.
Before that, co-founder Priyanka Gill joined Kalaari Capital as a venture partner. Former chief financial officer Piyush Kalra also recently quit the company.