Good Glamm Nears The End, ED Books Myntra, Simpl & More

End Of The Road For Good Glamm?

The Good Glamm Group is on its deathbed, and the only thing that is required now is for investors to pull the plug. Once a pioneer in India’s content-to-commerce space with IPO ambitions, the troubled unicorn’s lenders now plan to sell the company’s assets after exhausting all other avenues to revive it. 

An Empire Dismantles: In a LinkedIn post, CEO Darpan Sanghvi stated that the company’s creditors have taken control of the brands and are working to sell them individually. The sale is expected to be formalised in the next 60 days. 

Sanghvi would set up a “Good Glam Restitution Fund” to clear the pending dues of employees, vendors and partners. Parallely, GGG will cease to be an umbrella of different brands, and a new entity structure will emerge following the fire sale. 

Behind The Fall: The seeds of GGG’s demise were sown three years ago, when it went on an aggressive acquisition spree, lapping up more than 10 beauty and content brands. What followed was a series of strategic missteps to centralise operations, marketing and product development. This led to widespread confusion, quality control issues and dissatisfaction across teams. 

A Troubling Trend: Fundamental issues like capital burn, dwindling revenues and looming debt payments crippled the company. The financial distress became overtly clear earlier this month when creditors stepped in to take the reins of the venture. 

After raising nearly $350 Mn, Prosus and Warburg Pincus-backed The Good Glamm Group is headed towards its demise at a time when as many as five startups have shut shop in the past three months. With Good Glamm Group’s fate all but written, let’s trace the end of yet another promising startup tale.

From The Editor’s Desk

ED Books Myntra, Simpl: The enforcement agency has filed a complaint against the fashion marketplace for flouting FDI norms to the tune of INR 1,654.4 Cr. The agency also booked the BNPL startup and its cofounder over the same allegation, involving a sum of INR 913 Cr.

IndiQube IPO Day 1: The workspace solution provider’s public issue was subscribed 87% on the first day of bidding, with retail investors leading the pack. At the end of Day 1, the IPO saw cumulative bids for 1.5 Cr shares as against 1.71 Cr shares on offer.

Gupshup Nets $60 Mn: The conversational AI unicorn has raised about INR 500 Cr in a mix of equity and debt from Globespan Capital Partners and EvolutionX Debt Capital. The startup helps enterprises automate their interaction with clients and customers via its AI agents. 

SUGAR’s $5 Mn Fundraise: The BPC brand has raised INR 40.99 Cr in a mix of debt and equity in a round led by existing backer Anicut Capital. SUGAR Cosmetics reported a loss of INR 67.6 Cr against a revenue of INR 505.1 Cr in FY24.

Thyrocare’s Q1 Show: The PharmEasy-owned diagnostics laboratories chain saw its consolidated net profit jump 59.9% to INR 38.3 Cr in Q1 FY26 from INR 23.9 Cr in the year-ago quarter. Meanwhile, operating revenue grew 23% YoY to INR 193 Cr.

KreditBee Readies For IPO: In preparation for its market debut, the fintech startup’s board has approved a proposal to convert the company into a public entity. In addition, the company has received RBI’s nod to merge the group’s technology arm into the NBFC subsidiary. 

Shadowfax Strengthens Board: The IPO-bound logistics major has appointed CBO Praharsh Chandra and business strategy head Gaurav Jaithlia as directors on its board. It also appointed retired IPS officer Dinkar Gupta as an independent director on the board.

Ola, Uber Vs Drivers: The Mumbai transport commissioner’s office has sought explanation from the cab aggregators on how they determine their fares. This comes as drivers’ unions agreed to keep their strike on pause after a meeting with the department officials. 

Inc42 Startup Spotlight

How Defendron Is Crafting Light Payloads For Defence Drones

As drones and unmanned systems change the face of modern warfare, these UAVs need light and reliable tools (called payloads) to do tasks like spotting targets and tracking movement. However, many of these existing payloads are either too heavy or not advanced enough for today’s needs.

To solve this problem, BITS-Pilani graduate Omkar Ashok Lad founded Defendron Technologies in 2024.

Tracking Targets With Defendron: The Pune-based startup is building advanced payloads for small drones. Defendron designs and makes electro-optic stabilised systems that help drones see clearly and track targets during missions. The startup also builds custom test rigs to check the performance and reliability of defence systems used in aircraft, vehicles, and weapons.

Packed To The Brim: Defendron’s payloads are light, starting at just 280g, but still embedded with features like dual EO-IR (electro-optical/infrared) cameras, 30X zoom, thermal imaging, and optional laser range finders. 

Pune-based bootstrapped startup competes with the likes of IG Drones and ideaForge. 

But, with the global market for drone payloads projected to become a $22.95 Bn opportunity by 2032, can Defendron disrupt the fast-growing space with its lightweight, high-tech solutions for the future of defence?