GlobalBees joins unicorn club with $111.5 mn funding led by Premji Invest

Roll-up e-commerce company, GlobalBees, has secured $111.5 million in Series B funding led by Premji Invest. The round also saw participation from existing investors including SoftBank and FirstCry, while Steadview Capital becomes the latest investor to back the company. With this latest investment, GlobalBees’ valuation stands at $1.1 billion. GlobalBees is the second Thrasio-style startup to turn unicorn this year after Mensa Brands as the demand for online D2C brands picks up.

The company 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 company has already rolled up 100 brands and is in advanced talks with more than 20 companies to strengthen its portfolio of digital first brands.

“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," Nitin Agarwal, GlobalBees CEO said

GlobalBees was founded in May 2021 and developed a diverse portfolio of companies across categories such as homecare, beauty and personal care, nutrition & wellness, fashion jewellery, and eyewear in 7 months. GlobalBees 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 Bangalore and has developed assets and expertise in marketing, technology, supply-chain and logistics and product innovation and more. In July 2021, the company raised $150 million in a mix of equity and debt in a Series A, led by FirstCry and other investors.