![Accel, Bessemer & Prosus Exit The Good Glamm Group’s Board](https://inc42.com/cdn-cgi/image/quality=75/https://asset.inc42.com/2023/03/The-Goodglamm-Group-ftr-760x570.png)
As per the startup’s regularity filing, representatives of Accel, Bessemer Venture Partners, and Prosus have stepped down from the startup’s board of directors
Accel’s partners Anand Daniel, Bessemer’s partner Vishal Gupta, and Prosus’ Gaurav Kothari resigned as independent directors in December
This news comes almost on the back of the startup earlier this year announcing salary delays and hinting at layoffs
Content to commerce platform The Good Glamm Group, which is facing a cash crunch, has one more thing to worry about. As per the startup’s regulatory filing, representatives of Accel, Bessemer Venture Partners and Prosus have stepped down from the startup’s board of directors.
The Morning Context was the first to report on the development of three investors’ stepping down from the board.
Accel’s partners Anand Daniel, Bessemer’s partner Vishal Gupta and Prosus’ Gaurav Kothari resigned as independent directors in December, the startup’s regulatory filing said.
In response to Inc42’s media query, The Good Glamm Group’s spokesperson said, “Good Glamm received Term Sheets for a new round of fund raising in December and is currently in the last stages of closing the same. We will not be making any comments until after the close of our fund raise.”
This comes almost on the back of the startup earlier this year announcing salary delays and hinting at layoffs.
Just yesterday, the startup’s chief technology officer (CTO) Deep Ganantra took to LinkedIn to seek job opportunities for 15 employees from the tech team, indicating that these employees were let go.
In a townhall held earlier this year, the top management of the company highlighting the current condition of the company informed its employees that the startup was facing issues with respect to raising capital and in order to keep the lights on the startup is looking to sell couple of its acquired brands – Sirona, Organic Harvest, and The Moms Co.
Cofounder and CEO Darpan Sangvi, who was also present at the town hall, underlined multiple measures to capitalise the company, including bringing in a strategic investor and divesting one of the acquired brands (Sirona, The Mom’s Co, and Organic Harvest).
The Good Glamm Group was founded in its current form in September 2021 after Sanghvi-founded D2C band MyGlamm came together with Priyanka Gill-founded digital media platform POPxo and Naiyya Saggi-founded online parenting startup BabyChakra. Since then, the unicorn has acquired nearly a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona.
The startup had last raised $30 Mn in through a rights issue at a flat valuation of $1.2 billion from existing investors, including Warburg Pincus.
The company has raised nearly $300 Mn in funding till date. In March last year, it raised $30 Mn from Warburg, Prosus, Accel and Bessemer at a valuation of $1.2 Bn.