The Good Glamm Group is an e-commerce platform offering personal care and beauty startup that announced a 185 percent increase in its operational revenue to Rs 603 crore in FY23. The firm provides scientifically tested and expert-formulated beauty and personal care products. The company provides several personal care and beauty products, including toners, cleansers, lotions, and moisturizing creams.
The company’s primary source of revenue was the sales of these beauty products. Inc42 mentioned in its report that the firm also earns its income through its umbrella brands. It owns or has partnerships with D2C brands, including The Moms Co services, St. Botanica, Siron, and Wyn Beauty. The operating revenue for this financial year increased by 185%, and the sale of beauty products accounted for 93 percent of the total operating revenue.
However, the net loss also increased by 153 percent compared to the last fiscal year and reached stood at Rs 917 crore in FY23. The startup earned Rs 560.2 crore from product sales, while the remaining Rs 40.6 crore came from its services in FY23. The Goog Glamm Group offers an online platform for beauty products and services. The company offers different solutions and natural ingredient-based products, including face masks, cleansers, and foundations.
The total expenditure of the firm increased by 170 percent to Rs 1,559 crore in FY23. The marketing expenses saw 504 percent growth to Rs 466.2 crore. The procurement cost increased by 276 percent compared to the last year to Rs 269.4 crore. Employee benefits grew by 105 percent and crossed Rs 204.9 crore in the same duration.
However, the startup reported a 2.8 times increase in its operating revenue. The beauty and personal care company focuses on improving its brand presence while offering more innovative solutions, positioning it well in the global market. The startup plans to reduce its losses by minimizing employee benefits and operating expenses. The employee benefits have a 105 percent increase compared to the last year. The company has secured around $270 million since its inception from Prosus Ventures, Bessemer Ventures, Amazon, L’Occitane, and Warburg Pincus. Earlier this year, the startup also raised $30 million from its existing investors. The company is reducing its workforce to minimize losses and turn profitable in FY25.
Conclusion
The Good Glamm Group is a D2C beauty brand that reported a 185 percent increase in operational revenue to Rs 603 crore with a net loss of Rs 917 crore in FY23. These beauty product sales and services are the company’s primary source of revenue. This beauty and personal care startup offers a variety of beauty products and services through its online platform. The startup experienced a three-time increase in its operational revenue. The company plans to reduce its expenses by decreasing its workforce. The startup will control its operating and employee expenses to minimize losses.
