“The road ahead won’t be easy, and it won’t be overnight. I’m doing everything in my power to bring this to a resolution.”

Last Thursday, Darpan Sanghvi, the founder and CEO of Good Glamm Group, finally broke his silence after the murmurs of the house of brands’ crumbling state had reached a crescendo

Once heralded as a rising star in India’s D2C and content-to-commerce ecosystem, Good Glamm Group is on the verge of becoming yet another major casualty from the Indian unicorn club. When we last dove into the company’s state of affairs, it was not dissimilar to the downfall of BYJU’S — a story of acquisitions gone wrong and investor group bailing from the board as things went awry.

Based on information received from sources, Good Glamm Group is now limited to a single coworking space in Delhi’s Greater Kailash neighbourhood. Most employees are now working from home and have not been paid their full salaries for the past several months.

While a portion of the salary was given in early June, it remains unclear whether the rest of the dues will be paid. And that’s just the least of Good Glamm’s worries.

Sanghvi has been pushed to the sidelines and is only tasked with bringing in the investors and the funds to save the company. The company’s venture debt investors — Stride Ventures, Alteria Capital and Trifecta — have stepped in to steer the ship and Arjun Vaidyanathan, a former KPMG professional, was appointed to oversee the restructuring in January this year.

Inc42 further learnt that Vaidyanathan has been informally introduced as the point person for all key financial decisions. And his previous stint at a major company was at Paytm, where he spent six months between May and October 2024, as the head of transformation for the entire group.

This coincided with Paytm’s downsizing and restructuring exercise, which also included the sale of Insider to Zomato (now Eternal) as well as the paring down of Paytm’s stake in foreign companies.

The company has raised more than $350 Mn since inception when it was called MyGlamm and in 2021, it pivoted to a house of brands model.

Incidentally, Good Glamm’s crisis is largely a result of this overburdened house of brands, and its failure to execute the strategy that worked for each individual brand before it was acquired in a venture capital-fuelled spree by Good Glamm.

Here’s how it has all but collapsed.

Employees Cast Out, Salaries Withheld

Over the past few weeks, the company has been sending a series of internal emails to its about 150 employees every 10 days, attributing delays in dues and uncertainty around payrolls to pending transactions with lenders.........

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