D2C

The Good Glamm Group

Somewhere between September 2023 and September 2025, the Good Glamm Group ran out of money. The trajectory is in the filings: 8 brands acquired in a single year, ₹1,730 Cr raised to fund those acquisitions, ₹917 Cr in consolidated losses in FY23, then silence. The last AGM was 30 September 2023. No FY24 accounts. No FY25 annual return. On 26 September 2025, the National Company Law Tribunal issued the first order placing Sanghvi Beauty & Technologies under the Corporate Insolvency Resolution Process. A second tribunal order followed on 8 December 2025. On 12 January 2026, the statutory auditor resigned. This is what the audit tells us about how the money was spent, and why it ran out.

The Good Glamm Group

The Good Glamm Group parent entity Sanghvi Beauty & Technologies Pvt Ltd is Under CIRP. The public charges register carries 15 entries; 11 are still ACTIVE and 3 more sit modified-but-outstanding. In total, ₹594 Cr of secured facilities remains on record. Only ₹100 Cr of that is bank exposure (HDFC + HSBC). The other ₹494 Cr is with NBFCs and private lenders. Six new charges totalling ₹202 Cr were registered after the FY23 accounts, during the window when no annual filings were being made.

The Good Glamm Group

The Good Glamm Group's acquisition programme happened in one financial year. Between April 2021 and March 2022, Sanghvi Beauty & Technologies moved from zero subsidiaries to eight and deployed ₹1,230 Cr in acquisition-related investing cash. Nobody in Indian consumer-internet history had assembled a brand portfolio at that pace. This is what the filings show, quarter by quarter.

Fresh2Home

Fresh2Home's Indian standalone filing shows revenue of ₹421 Cr against reported cost of goods of ₹481 Cr in FY2025. The accounting structure presents a gross-cost gap. The standalone audit, taken alone, doesn't explain whether this is a unit-economics problem, an intentional pricing posture, a classification artefact, or some combination. The net loss of ₹146 Cr is real and structural either way; the cause sits one layer deeper than the standalone numbers reveal.

Plum (Pureplay Skin Sciences)

Plum's parent (Pureplay Skin Sciences) reported FY2025 net profit of ₹24.72 Cr, swinging from a loss of ₹84.10 Cr in FY2024. Revenue grew 23% to ₹402 Cr. Advertising fell. No fresh capital was raised. Net worth rose ₹26 Cr from operations alone. The turnaround is clean.

mCaffeine

mCaffeine reported FY2025 standalone profit of ₹2 Cr (vs -₹85 Cr loss). Consolidated loss compressed 81% to ₹18 Cr. The driver wasn't revenue scale (revenue grew 23%) but advertising discipline (cut ₹37 Cr) and operating cost reduction. The turnaround is real. The net worth cushion at the group level isn't.

Purplle

Purplle (Manash Lifestyle) doubled consolidated revenue to ₹1,367 Cr while keeping advertising spend flat at ₹218 Cr. Losses compressed 44%. Ad-to-revenue ratio nearly halved (31% to 16%). The standalone parent turned profitable. The cost of acquiring customers stopped scaling with revenue.

Pilgrim

Pilgrim doubled revenue in FY2025 to ₹408 Cr. The loss almost tripled, from ₹26 Cr to ₹69 Cr. Advertising hit 57% of revenue. The category supports premium gross margins. The acquisition cost is consuming all of them, plus more.

Renee

Renee Cosmetics earned ₹312 Cr in FY2025. It spent ₹152 Cr on advertising, 48.8% of revenue. Revenue grew 63%; loss barely compressed. The gross margin is healthy. The bill for buying customers is what's holding profitability back.

SuperTails

SuperTails (Pets Centric Private Limited) reported FY2025 standalone revenue of ₹120.43 Cr, up 72.8% from ₹69.69 Cr. Net loss tripled from ₹9.11 Cr to ₹29.97 Cr. Advertising and promotion expense grew 14.7x to ₹12.27 Cr. Operating cash burn was ₹15.65 Cr. Cash on hand at year-end: ₹23 lakh.

UpperCase

UpperCase (Acefour Accessories Private Limited) reported FY2025 standalone revenue of ₹83.13 Cr, up 33.7% from ₹62.18 Cr. Net loss was ₹35.27 Cr, doubling from ₹17.56 Cr. Loss as a percentage of revenue worsened from 28% to 42%. The company carries zero borrowings and raised approximately ₹63 Cr in fresh equity during the year.

Licious

Licious is no longer chasing growth. It is restructuring to survive. FY2025 standalone revenue was ₹774.91 Cr, up just 13%. Net loss compressed from ₹294.48 Cr to ₹210.29 Cr, but the path was cost cuts, not scale: employee costs fell 18%, advertising fell 25%, and ₹73 Cr of debt was repaid. The cash balance at year-end was ₹7.44 Cr.