GlobalBees Brands Pvt Ltd, a Thrasio-style direct-to-consumer (D2C) venture that aggregates and invests in e-commerce brands, has raised $111.5 million through a Series B round led by Premji Invest at unicorn valuation, according to a statement released Wednesday.
A unicorn company is a private company whose value exceeds $1 billion. The funding round was led by Steadview Capital, as well as existing investors SoftBank and e-commerce baby products company FirstCry. GlobalBees will enter the unicorn club in 2021, becoming the 44th company from India to do so.
According to VCCircle, GlobalBees is in talks to raise $300 million in a round led by SoftBank and backed by ChrysCapital, valued at a little more than $1 billion.
The company said it plans to use the proceeds to strengthen its product portfolio, enhance customer experience, hire employees (the company says it currently has more than 100 employees) and scale its brands.
GlobalBees said it has been in advanced talks with 20 companies to acquire their brands. The company has been on a brand acquisition spree recently and it has acquired eight brands so far.
For undisclosed amounts in November, the company acquired majority stakes in Healthyhey (a maker of dietary supplements), Rey Naturals (a hair care products brand), and Intelligence (a maker of eyewear).
GlobalBees added Yellow Chimes, a fashion jewelry brand, and Absorbia, a home care brand, to its portfolio in the same month. The company, which was founded in May 2021, has a portfolio that includes companies in homecare, beauty and personal care, nutrition and wellness, fashion jewelry, and eyewear.
It has offices in Delhi and Bengaluru and developed expertise and assets in marketing, technology, supply chain and logistics and product innovation, among other things.
Over the next three years, GlobalBees plans to invest in over 100 brands across verticals, including fast-moving consumer goods (FMCG), sports, home organization and lifestyle.
