By Salman SH
E-commerce brands aggregator GlobalBees on Wednesday secured $111.5 million in Series B funding led by Premji Invest along with participation from existing investors, including SoftBank, FirstCry and new investor Steadview Capital. The fresh investment values the Delhi-based start-up at $1.1 billion, according to a company statement.
GlobalBees plans to use the proceeds to further strengthen its product portfolio and expedite its efforts towards product innovation, customer experience, hiring talent and scaling companies.
The Thrasio-styled start-up is now 100+ people strong. It is in advanced talks with more than 20 companies to strengthen its portfolio of digital-first e-commerce brands.
GlobalBees emulates a business model similar to US-based Thrasio, which acquires and manages around 100 independent Amazon sellers and direct-to-consumer (D2C) brands. Thrasio is now valued at $9 billion and also reported a profit of $100 million on revenues of $500 million in the last financial year. The US-based company is reportedly eyeing the Indian market although it’s yet to finalise expansion plans.
However, GlobalBees will compete closely with other Thrasio-styled start-ups like Mensa Brands which is founded by Myntra ex-CEO Ananth Narayanan. The category has received heightened investor attention alongside other segments such as edtech, fintech, hyperlocal and SaaS this year. CY2021 was a record-breaking year for start-up funding with the overall volume of deals crossing more than $35 billion, according to some estimates.
“We have a deep purpose to build meaningful products across industries that address unique consumer needs. With this investment, we are well set up to become India’s largest brand platform. We are an august company of exceptional founders who have built great companies online. With this infusion of capital, we can work together to take these companies global,” GlobalBees CEO Nitin Agarwal said in a statement.
GlobalBees was founded in May 2021 and has a diverse portfolio of companies across categories such as homecare, beauty and personal care, nutrition & wellness, fashion jewellery and eyewear in just seven months. It plans to invest in more than 100 brands across verticals over the next three years, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle.
The company has offices in Delhi and Bengaluru and has developed assets and expertise in marketing, technology, supply chain, logistics and more. In July 2021, the company raised $150 million in a mix of equity and debt in a Series A funding, led by FirstCry and other investors.