SoftBank-backed GlobalBees Brands Pvt Ltd, a Thrasio-style direct-to-consumer (D2C) venture that aggregates and invests in e-commerce brands, has raised $111.5 in its Series B funding round led by Premji Invest at unicorn valuation, the company said in a statement on Wednesday.
Unicorns are private companies with a valuation of $1 billion or more.
Steadview Capital, along with existing investors SoftBank and ecommerce baby products company FirstCry participated in the funding round, the company said. The transaction values GlobalBees at $1.1 billion, making it the 44th Indian company to join the unicorn club in 2021.
VCCircle reported in October that GlobalBees was in talks to raise $300 million in a round led by SoftBank, and with participation from homegrown private equity firm ChrysCapital at a valuation of a little more than $1 billion.
The company said it plans to use the proceeds to strengthen its product portfolio and also for innovation, enhancing customer experience, hiring employees (says it currently has more than 100 employees) and scaling brands that it owns. The company added it is in advanced talks with 20 companies to acquire their brands.
The company has been on an acquiring spree lately. GlobalBees has acquired as many as eight brands till date.
In November, the company had acquired majority stakes in Healthyhey (dietary supplements maker), Rey Naturals(hair care products brand) and Intellilens(eyewear brand) for undisclosed amounts. In that same month, GlobalBees had added Yellow Chimes, a fashion jewellery brand and Absorbia, a home care brand, to its portfolio.
“With this investment, we are well set up to become India’s largest brand platform. We are an august company of exceptional founders who have built great companies online. With this infusion of capital, we can work together to take these companies global,” said Nitin Agarwal, Chief Executive Officer, GlobalBees.
GlobalBees was founded in May, making it one of the youngest unicorns, and has acquired brands across categories such as homecare, beauty and personal care, nutrition and wellness, fashion jewellery, and eyewear. GlobalBees plans to invest in over 100 brands across verticals over the next three years, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle, the company said.
The company currently 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 raised $150 million in a mix of equity and debt in a Series A, led by FirstCry and other investors.