Months after a wave of layoffs, former employees of The Good Glamm Group are still waiting for their pending dues. Despite assurances, many have not received full and final settlements, including salaries, gratuity payments and experience letters.
Laid off nearly six months ago, these former staff members were initially promised their payments by the end of June. However, the HR team has now said the delay is due to dearth of funds.
Even the existing employees have been affected. Salaries for April were only partially paid throughout June, with 25 per cent of the amount released every week. Salaries for May and June are yet to be cleared for many staff members.
The situation has forced several ex employees to take on new jobs at lower pay in order to survive.
Meanwhile, the company is reportedly seeking to raise Rs 250–300 crore in fresh funding. The funding efforts are being supported by venture firms such as Trifecta Capital, Alteria Capital, and Stride Ventures.
Good Glamm has also begun offloading assets. It recently sold digital-media platform ScoopWhoop to WLDD, a Bengaluru-based meme marketing agency, at a reported valuation of Rs 18–20 crore—far below the Rs 100 crore it paid in 2021. Earlier this year, it divested its feminine hygiene brand Sirona for Rs 150 crore, which is a third of the acquisition price.
The company is also reportedly looking to sell the MissMalini Entertainment and Organic Harvest amid financial and operational struggles.
