August 14, 2022

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Forget Mediocre Fashion

SoftBank-backed GlobalBees joins unicorn club with $111.5 mn funding

SoftBank-backed GlobalBees Brands Pvt Ltd, a Thrasio-style immediate-to-consumer (D2C) enterprise that aggregates and invests in e-commerce brands, has elevated $111.5 in its Series B funding round led by Premji Invest at unicorn valuation, the firm mentioned in a assertion on Wednesday. 

Unicorns are personal corporations with a valuation of $1 billion or additional. 

Steadview Capital, along with existing traders SoftBank and ecommerce child solutions company FirstCry participated in the funding round, the enterprise reported. The transaction values GlobalBees at $1.1 billion, building it the 44th Indian enterprise to be part of the unicorn club in 2021. 

VCCircle reported in October that GlobalBees was in talks to elevate $300 million in a round led by SoftBank, and with participation from homegrown non-public fairness firm ChrysCapital at a valuation of a minor a lot more than $1 billion. 

The enterprise mentioned it designs to use the proceeds to improve its solution portfolio and also for innovation, enhancing customer practical experience, choosing employees (says it currently has more than 100 personnel) and scaling brands that it owns. The corporation included it is in highly developed talks with 20 firms to acquire their makes.

The firm has been on an attaining spree lately. GlobalBees has acquired as many as 8 brands till day. 

In November, the company had acquired the vast majority stakes in Healthyhey (nutritional health supplements maker), Rey Naturals(hair care items brand) and Intellilens(eyewear manufacturer) for undisclosed quantities. In that very same month, GlobalBees had added Yellow Chimes, a trend jewelry brand and Absorbia, a home care brand, to its portfolio. 

“With this expenditure, we are perfectly set up to become India’s largest brand system. We are an august business of exceptional founders who have designed excellent corporations online. With this infusion of money, we can function collectively to acquire these corporations international,” claimed Nitin Agarwal, Chief Govt Officer, GlobalBees. 

GlobalBees was founded in May, creating it a person of the youngest unicorns, and has acquired brands across groups these as homecare, beauty and private care, nutrition and wellness, fashion jewellery, and eyewear. GlobalBees plans to invest in over 100 brands throughout verticals above the up coming a few decades, which includes rapidly-going purchaser goods (FMCG), athletics, home organisation, and way of living, the enterprise reported.  

The company currently has offices in Delhi and Bengaluru and teams there in marketing, technologies, offer-chain and logistics and item innovation among other departments. In July, the company elevated $150 million in a mix of fairness and credit card debt in a Sequence A, led by FirstCry and other investors.