GlobalBees enters unicorn club with $110 million funding led by Premji Invest

Thrasio-style enterprise GlobalBees has raised over $110 million led by Premji Invest with participation from new investor, Steadview Capital and current traders, SoftBank, FirstCry amongst others, mentioned the corporate in an announcement shared with ET. Publish the funding, GlobalBees mentioned its valuation has risen to $1.1 billion.

The corporate plans to make use of the funds to additional strengthen its product portfolio and additional product innovation, enhance buyer expertise, hiring expertise and scaling corporations. GlobalBees is now greater than 100 individuals robust. The corporate mentioned “it’s in superior talks with greater than 20 corporations to strengthen its portfolio of digital first manufacturers.”

Trifecta Capital has additionally invested $30 million in debt within the startup, the filings, sourced by way of enterprise intelligence platform Tofler, confirmed.

“With this funding, we’re effectively setup to change into India’s largest model platform,” mentioned Nitin Aggarwal, CEO of GlobalBees. “We’re in august firm of outstanding founders who’ve constructed nice corporations on-line. With this infusion of capital, we are able to work collectively to take these corporations world.”

The corporate plans to spend money on 100+ manufacturers throughout verticals over the following three years, together with fast-moving client items (FMCG), sports activities, house organisation, and way of life.

Child merchandise e-tailer FirstCry, which holds 50% stake within the startup, has invested $53 million, whereas SoftBank has put in over $10 million.

The most recent funding values GlobalBees at simply over $1 billion, in accordance with ET’s tough estimates. GlobalBees has, with the recent capital infusion, has change into the second amongst a bunch of Thrasio-style ventures. Lately, Mensa Manufacturers, based by former Myntra chief government Ananth Narayanan entered the unicorn club of Startups that are privately held with a valuation of $1 billion or extra.

Mensa Manufacturers achieved unicorn standing inside six months of beginning operations, the quickest startup to take action. Different Thrasio-style ventures in India embody 10Club and Goat Model Labs.

Startups corresponding to GlobalBees spend money on promising sellers on e-commerce platforms like Amazon, Flipkart and Myntra, and work together with their founders to promote higher. These startups can present the advertising and marketing experience for such sellers to face out from the group on e-tailers.

US-based Thrasio — which pioneered this enterprise mannequin in 2018 — can also be trying to enter India, ET has reported beforehand.

GlobalBees mentioned within the submitting that it requires further funds “for the expansion and growth of its enterprise and for normal company functions.” The startup had raised $150 million in its Sequence A spherical from FirstCry, SoftBank and PremjiInvest in April, half of which was debt funding.

GlobalBees’ investments embody Yellow Chimes, a style jewelry model; Absorbia, a house care model; sustainable house care merchandise firm, The Higher Residence; ladies’s well being options firm AndMe, and millennial skincare model Prolixr.

Keep on prime of technology and startup news that issues. Subscribe to our day by day e-newsletter for the most recent and must-read tech information, delivered straight to your inbox.