The founders and 15 member andMe team will become a part of the GlobalBees post the acquisition
GlobalBees has acquired andMe within a month of acquiring The Better Home. The acquisition marks the foray of Globalbees in the femtech sector that was valued at over $22.5 billion in 2020 and is expected to grow at a CAGR of 16.2% from 2021 to 2027. “Women’s health has largely been an unexplored market, but andMe has been able to bring discussions around women’s health in the forefront, raising awareness about differentiated nutritional needs of women not only in this country but across the world. We look forward not just to bring scale to the impressive product portfolio of the company but also lead their social mission forward,” Nitin Agarwal, CEO, GlobalBees, said.
Femtech — which first came to light in 2016 — is at an inflection point on the path to become a $65.3 Billion industry by 2027. At present, the femtech industry isn’t just bettering women’s lives with innovative services and products; they are also busting age-old beliefs and customs related to menstruation, fertility, and women’s diseases. “We also want to accelerate the company’s product development pipeline to create an entirely new category that focuses on the nutrition needs of women across the world,” Agarwal added.
andMe was launched in the year 2017, and since then, andMe’s focus has been to be a companion to women throughout the multiple stages they go through in their lives. Around 70% of the company’s sales come from outside the top five cities, including small towns in eastern India, pointing to universal demand for their products. “Women’s bodies necessitate gender-specific innovation that responds to their biological realities. Back in 2017, when I launched andMe, almost all nutritional products in the market were formulated keeping “Men” in mind. In the last four years we have launched over 20 women-centric nutrition products to solve from Puberty to Menopause. Our brand traction in tier 2 and tier 3 is a powerful testimony to the efficacy of our products and the impact that we have created in the lives of millions of women,” Ankur Goyal, founder and CEO, andMe, stated.
The founders and 15 member andMe team will become a part of the GlobalBees family, continue to strengthen its product portfolio and focus on reaching broader women communities both in India and globally. GlobalBees has offices in Delhi and Bangalore. The company has developed assets and expertise in marketing, technology, logistics, and product innovation. GlobalBees recently raised $150 million in a mix of equity and debt in a Series-A funding round led by FirstCry. Going forward, GlobalBees is looking to associate with 30 to 35 brands from various D2C categories, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle, among others.