Companies
Good Glamm’s Priyanka Gill set to exit
Summary
She will join early-stage VC firm Kalaari Capital and lead its CXXO initiative that invests in women-led ventures
Priyanka Gill, the co-founder of direct-to-consumer company Good Glamm Group and in charge of its media businesses, is leaving to join early-stage venture capital firm Kalaari Capital.
Gill, who founded PopXo, a content community that was acquired by the Prosus-backed Good Glamm in 2020, is joining Kalaari Capital as a partner, leading its CXXO initiative that invests in women-led businesses. Gill confirmed her exit to Mint, calling it a pre-planned transition.
PopXo was backed by Kalaari Capital before it was acquired by Good Glamm (formerly MyGlamm). For Good Glamm, helmed by Darpan Sanghvi, PopXo was the first media business it bought as part of its content-to-commerce playbook.
Good Glamm was last valued at $1.2 billion when it had raised $150 million from investors led by Prosus Ventures and Warburg Pincus in November 2021. The firm also counts Accel, Flipkart, Bessemer Venture Partners, and Tano Capital, among others, as its investors.
According to a person familiar with the matter, the Good Glamm group’s content-to-commerce business, housed under Good Media Co., has still to recover from post-covid disruption, as traffic and transacting customers decline.
“Gill will now be the chairperson of the Good Media Co. She will continue to hold her stake in the parent company and will sit on its parent’s board post her transitioning out of the company," a second person added.
“My transition from the group was pre-planned. Since I have been associated with Kalaari Capital from the beginning, I wanted to be part of this initiative where we help other woman founders find their voice and grow their business. I will be heading the CXXO initiative," she said on a call from London.
According to Gill, Good Glamm has been, in fact, growing phenomenally year-on-year, with a 250% compounded annual growth rate and more than 70% of the revenues coming from online channels.
Good Glamm Group, founded in 2015 by Sanghvi, sells beauty and personal-care brands. It has aggressively grown inorganically by acquiring brands such as PopXO, Baby Chakra, Mom’s Co, ScoopWhoop, MissMalini Entertainment, Sirona and St Botanica. Gill and Naiyya Saggi, the founder of Baby Chakra, joined Good Glamm as co-founders in 2020 and 2021, respectively.
For the financial year ended 31 March 2022, the group earned a consolidated revenue of more than ₹220 crore as against ₹49.3 crore it earned in FY 21. For financial year ended March 31, 2023, the company claims to have earned a revenue of ₹ 640 crore.
As reported on 8 January by VCCircle, a platform owned by HT Media that also publishes Mint, Good Glamm is in talks to raise a ₹500-crore funding round.
The company has to make payouts to the founders of some of the direct-to-consumer brands it has acquired so far.
