Beauty unicorn Good Glamm Group struggles to pay staff amid cash crunch

The Mumbai-based company has delayed employee salaries while seeking new funding, as three board directors from major VCs recently departed

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 company's finances.

 

“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