GlobalBees secures $18 million in debt funding from Avendus
- ByStartupStory | February 8, 2024
E-commerce roll-up firm GlobalBees has secured Rs 150 crore or $18 million in a debt round from Avendus, marking its third debt raise since its establishment in 2021.
The company’s board approved a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each, aiming to raise Rs 150 crore or $18 million, according to its regulatory filing sourced from the Registrar of Companies.
These funds will be utilized for working capital requirements and general corporate expenses, as stated in the filings. The non-convertible debentures carry an annual coupon rate of 14.5%.
GlobalBees, along with other roll-up startups, partners with online-first entrepreneurs to scale direct-to-consumer (D2C) businesses globally and in India. They target brands with $1-20 million in revenue, offering capital and support in marketing, supply chain, R&D, and operations.
Having raised over $270 million to date, including a $111 million Series B round that propelled it to unicorn status in December 2021, GlobalBees was last valued at approximately $1.12 billion. Notably, both its Series A and Series B rounds also included debt components of $75 million and $30 million, respectively.
According to TheKredible, a startup data intelligence platform, FirstCry, along with Supam Maheshwari, holds 55.6% in GlobalBees, while Chimetech Holding, Premji Invest, and Lightspeed command 12.8%, 6.95%, and 6.57%, respectively.
In the fiscal year ending March 2023, GlobalBees’ standalone revenue from operations surged 3.4X to Rs 65 crore, while its losses doubled to Rs 6 crore in the same period.
GlobalBees faces competition from players like Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio, and Powerhouse91. Mensa Brands reported a revenue of Rs 1,317 crore with a loss of Rs 329 crore in FY23, while Upscalio recorded a revenue of Rs 216 crore and a loss of Rs 78 crore in FY23.
Mensa Brands also raised $76 million in debt across two tranches in 2023.
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