“A gut punch out of nowhere”: CEO Darpan Sanghvi on Good Glamm's crisis

New Delhi: Darpan Sanghvi, Managing Director and CEO of the embattled Good Glamm Group, has issued a public apology on LinkedIn, acknowledging the company’s ongoing financial crisis, delayed salaries, and dues owed to former employees and vendors. 

The post comes in the wake of mounting backlash against the unicorn startup, accused of defaulting on final settlements and payments for months.

In his post, Sanghvi recounted how a major acquisition deal, meant to secure the company’s future, fell apart at the last moment late last year when the CEO of the acquiring company unexpectedly stepped down. 

“It was a gut punch out of nowhere that sent us scrambling for funding and securing a lifeline,” Sanghvi wrote, calling it a critical turning point that set off a cascade of cash flow issues.

The failed transaction, according to Sanghvi, left the company struggling to pay salaries and maintain operations, making it even harder to raise fresh funds. “Since then, we have been trying everything possible to generate cash to pay our employees, and also keep the business operational,” he said, while admitting that the pace of progress has been slow and deeply frustrating for those affected.

The LinkedIn note also mentioned that restructuring discussions are currently underway with lenders, though no specific timelines were shared. Sanghvi assured stakeholders that despite a downsized team, the company is trying to respond to individual concerns and will continue to share updates.

“I never imagined, even in my worst fears, that we’d be here,” Sanghvi said. “It is my moral responsibility to resolve this for every past and present employee, and every stakeholder... and I promise you: I will not stop until I do.”

Sanghvi’s message comes days after a LinkedIn post from the Good Glamm Group’s official account went viral, sparking widespread outrage among former employees and freelancers. 

The Good Glamm Group has faced criticism for its financial mismanagement and lack of communication. 

Known for its aggressive acquisition strategy and content-to-commerce play through brands like MyGlamm, POPxo, and The Moms Co., the Good Glamm Group was once hailed as one of India’s fastest-growing D2C startups. 

The group, once lauded for its aggressive content-to-commerce play, has been forced to reverse key acquisitions at a fraction of their original cost:

• MissMalini, a celebrity media and influencer platform acquired in December 2021 for Rs 70–80 crore to boost social commerce, was sold in 2025 for just Rs 4 crore.
  
  
• ScoopWhoop, bought in 2021 for Rs 100 crore to expand into men’s grooming and lifestyle, was sold in 2025 to WLDD for Rs 20 crore, a fifth of its original valuation, due to a lack of synergy with Good Glamm’s beauty-focused portfolio.
  
  
• Sirona, a women’s wellness and menstrual hygiene brand, was acquired in 2021 and fully purchased in October 2024 for Rs 450 crore. However, the acquisition faced turbulence when the founders and investor Indian Angel Network (IAN) issued default notices over unpaid dues. The matter was later resolved, but in 2025, Sirona was sold back to its original founders for Rs 150 crore.