Overview

• Employees have not received salaries for two months following the shutdown of all Indian offices after debt payments lapsed.
• Lenders including Stride Ventures, Alteria Capital and Trifecta have stepped in to manage the group and oversee a formal restructuring.
• The company is seeking to offload more than ten acquired beauty and content brands in distressed sales to generate funds for creditors.
• Rapid acquisitions in 2021–22, missteps in centralizing operations and costly offline and international expansions fueled heavy losses despite rising revenue.
• With fresh funding unavailable and investors poised to write off their stakes, the startup’s survival remains in serious doubt.