Mumbai-based The Good Glamm Group (GGG), backed by Warburg Pincus, is reportedly in the final stages of selling its media and influencer talent management network, MissMalini Entertainment, to marketing agency Creativefuel for a mere ₹4 crore, as per Moneycontrol. This transaction is being viewed as a distress sale, a significant downturn from the ₹70-80 crore GGG paid to acquire MissMalini’s five business divisions in 2021.
Creativefuel, which recently acquired YouTube channels Hasley India and Pataakha, will gain control of MissMalini’s domain name and social media assets. However, GGG will retain the influencer talent management arm of MissMalini, as further reported by Moneycontrol.
This sale is part of a broader move by the content-to-commerce startup to offload several of its acquired entities as it grapples with a cash crunch and seeks to raise capital. Other brands under the GGG umbrella, such as Organic Harvest and The Moms Co, are also reportedly up for sale. Previously, GGG sold Sirona back to its founders and divested ScoopWhoop.
Formed in September 2021 through the merger of Myglamm, POPxo, and BabyChakra, GGG embarked on an acquisition spree, bringing over a dozen brands into its fold. Despite raising approximately $400 million from prominent investors and achieving a valuation of $1.26 billion, the company’s IPO plans for FY25 appear to be in jeopardy.
GGG’s financial struggles are evident in its delayed FY23 results, which revealed a staggering ₹917 crore loss, a 153% surge from the previous year. Operating revenue stood at ₹603 crore, a substantial increase attributed to its numerous acquisitions. The company also underwent a restructuring last year, laying off 150 employees following the departure of its core business CEO.
Meanwhile, last year saw key leadership movements within the company. Anika Malik Wadhera, who led Sirona Hygiene as Head of Marketing, joined Good Glamm Group as Group Director – Marketing. Similarly, Naiyya Saggi, Group Co-founder, was appointed as Independent Director by Tanla Platforms has also left reportedly last year and as per the company it was a “mutual decision”, sources say. Sukhleen Aneja, who led The Good Glamm Group’s Good Brand Co as the chief executive officer, stepped down from her position in July.