Good Glamm gets default notices from IAN, founders of Sirona, Moms Co

livemint.com:

₹100 crore and mother and baby healthcare company The Moms Co for ₹500 crore. The founders and IAN have despatched the notices since they were not paid the last tranche of payments due in January, the people cited above said on condition of anonymity. The Arc first reported that IAN has sent a ‘notice of default’ to the Good Glamm Group’s board.

Also read | Sukhleen Aneja set to exit Good Glamm Group The Good Glamm Group had acquired more than 10 consumer goods and media startups between 2020 and 2021, including media platforms ScoopWhoop and MissMalini, besides rapidly growing its workforce and product portfolio. The people cited above said other founders have also approached Good Glamm over similar complaints of non-payment of dues totalling ₹130-160 crore. Mint could not confirm the names of any other founders who have approached Good Glamm.

The founders of Sirona and The Moms Co did not respond to queries. An executive of IAN, which sent the notice last week, declined to comment. The Good Glamm Group said it is in “compliance with its contractual obligations and payouts to the promoters are in accordance with the contractual terms.

We cannot comment on any specifics, since we are bound by confidentiality obligations." Also read | Good Glamm Group shifts gears: Cuts costs, eyes profitability ahead of IPO The Good Glamm Group is backed by marquee investors such as Warburg Pincus, Prosus Ventures, L’Occitane, Bessemer Venture Partners, Accel, Amazon, Stride Ventures, Trifecta Capital, Ascent Capital, Alteria Capital, Tano Capital and the Mankekar Family Office. The company raised $30 million in March this year from existing investors. According to a third person, Good Glamm plans to invest the new funds in the business,