Consumer Electronics Startup: Candes to get investment from D2C Brand Aggregator: GlobalBees
- ByStartupStory | April 25, 2022
GlobalBees, the D2C brand aggregator, will be investing in Candes, the D2C appliance brand. With this investment, the Thrasio venture style arm of IPO-bound FirstCry, known to acquire and partner with D2C startups to help them grow, will make its foray into consumer electronics segment.
The shareholders of Candes decided to allot 17,544 compulsorily convertible preference shares (CCPS) to GlobalBees, in an extraordinary general meeting on April 18. In exchange for a 39.26% stake in the startup, GlobalBees will be investing close to $3.2 Mn in Candes.
As a part of the deal, the board of Candes as nominee directors will be joined by Nitin Agarwal, CEO of GlobalBees, and Damandeep Soni, CBO of GlobalBees.
Founded in 2015 by Sandeep Agarwal and Vipin Agarwal, Candes had earlier spent close to a decade in shaping their family’s Vedanta Electricals.
Products ranging from ceiling fans to mixer grinders, and from televisions to washing machines are sold by the D2C brand. It also sells air coolers. On ecommerce giants such as Amazon, Flipkart, Udaan, and Moglix, the startup’s products are also available.
B2B registration is also offered by the New Delhi-based brand, thus allowing bulk ordering for offices or other commercial space.
Candes also competes with Mumbai-based startup Atomberg, apart from major home appliance makers, such as Havells, Philips, LG.
Along with Lotus Group Joint MD Nitin Passi, among others, Candes raised $3 Mn led by Anuraag and Ruchirans Jaipuria, in June 2021.
After raising $111.5 Mn in its Series B round, GlobalBees entered the unicorn club late last year, it has also been acquiring startups since August last year. In over a dozen D2C brands, the LightSpeed-backed D2C aggregator has acquired or invested to date.
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