The artificial ininformigence (AI)-led platform is designed to provide entrepreneurs access to cofounders, team members, interns, fractional operators, service providers, vconcludeors, AI-powered software tools, mentors, incubators and investors.
In a LinkedIn post on Thursday, Sanghvi declared nearly half of the company’s equity has been earmarked for its community, including employees, ecosystem partners, and former Good Glamm stakeholders with vested employee stock ownership plans.
Sanghvi, who previously scaled and exited the D2C beauty venture Good Glamm, declared the new initiative is driven by his own experiences of entrepreneurial highs and failures. “I was the founder of a company that scaled and then failed. And when you fail after that scale, you fail hard and real people receive hurt. As the founder, the consequences are mine to bear. So yes, I am not a victim. I obtained what was coming to me,” he wrote.
Also Read: Inside Good Glamm’s collapse: A timeline of how the crisis unfolded
Sanghvi had earlier committed to contributing 25% of his future post-tax income from salary or equity gains in any ventures towards settling outstanding employee payments at Good Glamm.
The launch comes as Good Glamm is currently undergoing a brand-by-brand sale, after months of restructuring efforts, including refinancing attempts, partial brand sales and strategic investment talks did not materialise.
Founded as MyGlamm in 2017, the direct-to-consumer beauty company rebranded as The Good Glamm Group in 2021, transitioning into a hoapply-of-brands platform. Around this time, it also acquired Priyanka Gill’s POPxo and Naiyya Saggi’s BabyChakra.
According to Tracxn, Good Glamm has raised $342 million to date. During the 2021 funding boom, the company, like many roll-up ecommerce ventures, focapplyd on an aggressive acquisition spree, often paying steep valuations for brands that later struggled to scale. The strategy was intconcludeed to strengthen its content-to-commerce model but ultimately strained its finances as growth failed to keep pace with expectations.
Entrepreneurs can join the waitlist on the CoFounder Circle website for early access, Sanghvi added.
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