Softbank and PremjiInvest-backed GlobalBees Brands Pvt Ltd, that aggregates and invests in e-commerce brands, has added fitness equipment and accessories brand Reach to its portfolio, marking its latest and 12th acquisition.
The over eight-year-old Reach became the second brand in the sports and fitness space that GlobalBees has acquired till date. Last month, the Thrasio-style venture bought out Strauss brand besides two other brands.
“There has been an increased use of smart machines and workout equipment as people’s outlook towards health and fitness have changed considerably since the COVID-19 outbreak. Reach has a strong growth trajectory, and we are confident to further establish them as a top-selling fitness brand,” said Nitin Agarwal, CEO at GlobalBees.
Sumeet Ubhrani and Sonal Menghani launched Reach in 2013 as a fitness equipment company that aims to promote exercise at home by renting out equipment and other accessories. Currently, the company sells workout equipment, such as weights and dumbbells, commercial gym equipment, leg massagers, and other accessories.
Reach has created a customer base of over 5 lakh people across India. The brand is said to be offering one of the biggest networks of after-sales service technicians and is focused on building products at an affordable price range for every target product category.
“GlobalBees is a recognised name in building digital-first brands. With their expertise in scaling brands, we’ll be closer to our vision to provide a world-class fitness experience to our customers while focusing on product innovation,” said co-founders of Reach.
GlobalBees now has a dozen brands in its portfolio, including The Better Home, andMe, Prolixr, Absorbia, Yellow Chimes, HealthyHey, Rey Naturals, Intellilens, The Butternut Company, Mush and Strauss. The company now comprises of startups across homecare, beauty & personal care, nutrition & health, fashion jewellery, eyewear and sports & fitness categories.
In the next three years, GlobalBees is looking forward to investing in more than 100 brands across verticals, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle.
Besides SoftBank and PremjiInvest, GlobalBees is backed by marquee investors including Steadview Capital, Lightspeed India, Chiratae Ventures, Trifecta Capital and ChrysCapital, among others.
It recently turned unicorn, or a private company with over $1 billion in valuation, after raising $111.5 million as a part of its Series B funding round led by Premji Invest. The company became one of the youngest unicorns in the country and the second Thrasio-style company to join the club after Mensa Brands.
Founded by Agarwal last year, GlobalBees now has offices in Delhi and Bengaluru and teams there in marketing, technology, supply-chain and logistics and product innovation among other departments. In July, the company had raised $150 million in a mix of equity and debt in a Series A, led by FirstCry and other investors.