New Delhi, Jan. 31 -- A severe cash crunch at the Good Glamm Group that forced it to consider raising fresh funds at a sharply lower valuation triggered the exit of three of its directors, three people aware of the matter said, since a new round will wipe out their shareholding given their disinclination to bring more money.

The three directors from Accel India, Prosus and Bessemer Venture Partners stepped down from Good Glamm's board across November and December.

Good Glamm is planning to raise capital at a very low valuation which would overhaul its cap table, the people cited above said on the condition of anonymity, as some shareholders are not keen to participate. This is similar to what new-age omnichannel pharmacy Pharmeasy went ...