Good Glamm delays salaries amid cash woes

Beauty unicorn Good Glamm Group is struggling to pay staff salaries amid a severe cash crunch that had prompted three board directors to exit, according to people familiar with the firm's finances.

- PEERZADA ABRAR

"There is no money in the bank and the company is not able to pay salaries to the employees," said one person with direct knowledge of the situation. The firm is actively scouting for investors to raise around ₹200 crore to ₹250 crore to stay afloat.

The financial crisis had led to the departure of three high-profile board members early this year. Anand Daniel, partner at Accel, Vishal Gupta, partner at Bessemer, and Gaurav Kothari, principal at Prosus Ventures, stepped down as independent directors, according to sources. The exodus of directors from the company's own investor base signals deeper concerns about its financial trajectory.

The Good Glamm Group declined to comment when asked about the salary delays.