GlobalBees Raises $150M Funding In Series A To Build A Thrasio-Like House Of Brands
- ByStartupStory | July 19, 2021
GlobalBees, New Delhi–based investment venture said it raised $150 million in a mix of equity and debt in a Series A funding led by FirstCry and some of its investors, with additional participation from Lightspeed Venture Partners. This claims to be the largest Series A funding round by an Indian Thrasio style startup. With this round, Vikas Agnihotri of SoftBank, Harsha Kumar of Lightspeed, Atul Gupta of Premji Invest, Sudhir Sethi of Chiratae Ventures, and Kshitij Sheth of Chrys Capital will join the GlobalBees board. With a focus on capital efficiency, GlobalBees looks to partner with digitally native brands across categories like beauty, personal care, home, kitchen, food, nutrition, sports, lifestyle, etc., with a revenue rate of $1 million – $20 million, which as per the company, is proof of a product-market fit. Speaking on the development, Nitin Agarwal, Co-founder and CEO, GlobalBees, said, “GlobalBees aims to unleash the power of product innovation by Indian entrepreneurs and strategically partner with them to help them realize the full potential of their brand and products. Apart from capital, GlobalBees brings in strategic capabilities across marketing and growth, technology, distribution, sourcing, branding, warehousing, logistics, R&D, product development, and operations — all things essential to rapidly scale the brands in the digital space. We are looking to partner with founders who have built brands based on unique consumer insights. The funds raised will play a crucial role in helping us scale these brands globally,” Nitin further added.
Vikas Agnihotri, Operating Partner, SoftBank Investment Advisers, said “India is at the cusp of a D2C revolution with an estimated market size of $200 billion in the next five years. Indian brands have shown great promise in recent years, and we believe that GlobalBees is building great assets to accelerate the growth of digitally native brands in the country.” According to Sudhir Sethi, Founder and Chairman, Chiratae Ventures India, GlobalBees present a technology platform to consolidate D2C brands and massively scale them in India and the world.
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