The Good Glamm Group dismisses its 15% workforce ahead of introducing IPO

By siliconindia  |  Friday, 19 April 2024, 12:47 IST

The Good Glamm Group dismisses its 15% workforce ahead of introducing IPO
As per the official report by The Good Glamm Group, a content-to-commerce platform, it has decreased its workforce by 15% or 150 employees within the past 12-15 months.
One of the spokesperson of the company said, “We have put in place a new organizational framework to streamline our operations, which led to eliminating certain redundancies over the last 15 months.”
The downsizing of staff seems to be a strategic move aimed at reducing expenses and prolonging financial sustainability in a challenging funding climate.
Since its establishment, the company has successfully acquired approximately six companies including POPxo, Plixxo, BabyChakra, The Moms Co, ScoopWhoop, and Tweak India.
It has been reported that the influencer marketing business of the Mumbai-based unicorn, after acquiring PopXo, has faced challenges in terms of growth. The Ken report suggests that the company's acquisitions have not produced the expected outcomes, leading to stagnant growth for most of the acquired brands.
Earlier this year, Priyanka Gill, one of the co-founders, made an announcement regarding her decision to step down from her active role at the company based in New Delhi. She will be joining Kalaari Capital as a venture partner.
In addition, the organization has recently disclosed a number of promotions within its team. Manan Jain has been appointed as the chief operating officer, while Kartik Rao has taken on the role of chief people officer and SVP of founder initiatives. Ketan Bhatia has been designated as the brand director, and Avalok Langer has assumed the position of chief creative officer. Ajesh Narayanan has been named as the design head, Ashish Jadhav as the head of product, and Ankita Bhardwaj as the director of brand and marketing.
The Good Glamm Group recently revealed the addition of Kamal Lath as the new group CFO. The company aims to achieve profitability in the current fiscal year (FY25) through this strategic move. This restructuring coincides with the company's efforts to secure $70 million in funding, with $30 million already raised last month. This information was exclusively reported by Entrackr.
The Good Glamm Group's valuation reached approximately $1.26 billion following the latest investment installment. The company achieved unicorn status following a $150 million funding round in November 2021. 
The company intends to introduce GlammSOP initiative for its top-performing staff members, which allows for the expedited vesting of ESOPs during the IPO.
 

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