Content-to-commerce platform The Good Glamm Group has submitted its financial statement for FY23 with the Ministry of Corporate Affairs after a 15-month delay. Its net loss was 153% higher than Rs 362.5 crore in FY22 to Rs 917 crore in FY23.
The Good Glamm Group’s total expenses jumped 170% to Rs 1,559 crore in FY23 from Rs 577.7 crore in FY22. The biggest contributing factor was the marketing and sales promotions cost which went up by 254% to Rs 466.2 crore from RS 131.8 crore in the same period.
The procurement cost increased by 276% from Rs 97.8 crore in FY22 to Rs 269.4 crore in FY23 while the employee cost jumped 150% from Rs 204.9 crore to Rs 420 crore.
The startup’s revenue also grew by 2.8X as its revenue from operations grew by 185% from Rs 211.4 crore in FY22 to Rs 603 crore in FY23.
Beauty products accounted for 93% of the total revenue from operations. Rs 560.2 crore came from product sales while the rest Rs 40.6 crore was sourced from services. Its overall income rose 176% from Rs 231.22 crore in FY22 to Rs 638.5 crore in FY23.
D2C brand MyGlamm was founded by Darpan Sanghvi in 2017, Priyanka Gill founded the online media platform POPxo in 2013, and Naiyya Saggi founded the online parenting platform in 2015. The three rebranded as The Good Glamm Group in September 2021.
Sirone, The Moms Co, St.Botanica, Wyn Beauty, and Organica Harvest are some of the brands under the ownership or partnership of Good Glamm.
The Group’s four verticals include-The Good Brands Co has a portfolio of D2C beauty & personal care brands; The Good Media Co, a digital content platform; The Good Creator Co, a tech-enabled influencer platform; and Good Community- an omnichannel network of beauty, parenting, intimate & sexual health with the customers.
The company’s D2C vertical The Good Brands Co’s CEO Sukhleen Aneja made an exit in April while Priyanka Gill also moved from the Group’s day-to-day operations to join Kalaari Capital as a venture partner.
The content-to-commerce unicorn has raised $270 million to date, with investors in the likes of Prosus Ventures, Amazon, Bessemer Ventures, Warburg Pincus, and L’Occitane.
Of late, there have been several restructuring in the company with layoff of 15% of the workforce or 150 employees, and new appointments such as the appointment of Kamal Nath as the Group CFO, Manan Jian as COO, Kartik Rao as CPO, and Avalok Langer as Group CCO.
Earlier in 2024, the startup raised $30 million at a flat valuation from existing investors.
