Some former employees of The Good Glamm Group, laid off around six months ago, are yet to receive their final dues, including salaries, gratuity and experience letters, FE has learnt.
Existing employees are understood to have received a part of their April salary with May and June salaries pending.
“We were told that our dues will be paid by June-end but the HR has sent a new mail saying that they cannot do it due to lack of funds,” a person laid off by the company in December said.
The company did not reply to FE’s queries.
According to sources, the company is in the process of raising around Rs 250-300 crore at a valuation of $120 million which is much lower than the $1.2 billion it received in March last year. “The process is being conducted by its venture debt lenders – Trifecta Capital, Alteria Capital, and Stride Ventures,” a current employee said.
For existing employees, the salaries for April and May were not paid till June 1. During the month, however, the company released 25% of the April salary every week. Some former employees said they had found jobs, although at lower salaries.
The company is believed to be in talks to sell its media and influencer talent management arm MissMalini Entertainment, and personal care brand Organic Harvest. In February, Good Glamm sold feminine hygiene brand Sirona back to its founders for Rs 150 crore, well below the Rs 450 crore it had paid to acquire the brand.
It has also sold its digital media subsidiary ScoopWhoop to Bengaluru-based meme marketing agency WLDD at a valuation of Rs 18–20 crore, a fraction of the Rs 100 crore it paid in 2021.
Good Glamm was formed in 2021 through the merger of Darpan Sanghvi’s MyGlamm, Priyanka Gill’s POPxo, and Naiyya Saggi’s BabyChakra.
Gill has moved on and launched her own lab-grown diamond brand Coluxe. Saggi is also starting a new consumer electronics venture.