In a significant development marking the end of an ambitious digital-first content-to-commerce journey, The Good Glamm Group will no longer operate as a unified entity. The once-celebrated D2C beauty and personal care conglomerate will now be broken up, with its portfolio of brands to be sold individually, following action by lenders to enforce their charge.
Founder and CEO Darpan Sanghvi confirmed the development in an open letter to stakeholders and via a LinkedIn post, Good Glamm’s lenders have now moved to sell the company’s portfolio brands separately, with each expected to find its owner and operate independently going forward. “Is this what I hoped for? No. Is this unexpected? Also no,” Sanghvi wrote, accepting full responsibility for the outcome. “As the founder, this is on me.”
The group’s lenders, after months of unsuccessful attempts to arrive at a group-level refinancing or strategic investment deal, have initiated the process to sell individual brands. Each brand is expected to be acquired by separate owners and will operate independently moving forward.
Founded in 2021 and once hailed as one of India’s most promising new-age digital FMCG companies, the Good Glamm Group reached unicorn status the same year after raising $250 million. It had raised an additional $30 million in a bridge round in 2023. The company rapidly scaled through aggressive acquisitions, including MyGlamm, The Moms Co, Organic Harvest, Sirona, ScoopWhoop, Miss Malini, POPxo, BabyChakra, Wyn Beauty, and St. Botanica. However, high burn rates, overvalued acquisitions, and lagging growth led to mounting financial stress.
Several brands have already been sold in what has been described as a “fire sale,” including Miss Malini, Sirona, and ScoopWhoop. Others like The Moms Co, Organic Harvest, and St. Botanica are currently up for sale. The company has also delayed salary payments for two consecutive months, affecting both current and former employees.
In an emotional and transparent message, Sanghvi made a personal financial commitment to employees. If brand-level asset sales and new ownership structures do not fully settle employee dues, he pledged to allocate 25% of his future post-tax earnings—from salaries or equity gains in any future ventures—towards settling unpaid dues. “However long it takes, I will keep working till everyone is taken care of,” he stated.
Further, Sanghvi announced the formation of a Good Glamm Restitution Fund, which will be created within 60 days. This fund will be fueled by equity from any future ventures and will serve to compensate impacted vendors and investors who have faced losses due to the group’s collapse. “It’s not a burden—it’s a responsibility,” he emphasized.
The fallout has also led to the exit of key board members including Anand Daniel (Accel Partners), Vishal Gupta (Bessemer Venture Partners), and Gaurav Kothari (Prosus Ventures), who resigned as independent directors earlier this year.
Sanghvi acknowledged the broader implications of failure and expressed hope that his experience would offer lessons for other entrepreneurs. “Maybe it’s time we created more space for these conversations—to learn, to grow, to support one another,” he wrote.
As India’s digital commerce ecosystem matures, the unraveling of the Good Glamm Group serves as a cautionary tale and a reminder of the need for sustainable growth, strategic discipline, and transparent leadership.
Read more: Mantis Partners with PubMatic to Scale AI-Powered Contextual Targeting
