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Samreen Ahmad · · 1 min readSoftBank to lead $100m round of Indian roll-up ecommerce firm
“SoftBank, the world’s most influential technology investor, is in talks to double down on its bet on ecommerce roll-up firm GlobalBees. The Japanese tech investor is leading a US$100 million round in GlobalBees via a convertible note, promising a valuation of US$500 million a year or so down the line,” said a MoneyControl report, citing sources.
Details:
- The Thrasio-styled Indian firm is also in talks to buy smart-treadmill seller OneFitPlus for around US$40 million, according to the report.
- The five-month-old startup, which was founded by FirstCry co-founder Supam Maheshwari and ex-Edelweiss executive Nitin Agarwal, had raised US$150 million in a series A round in July.
Dive deeper:
- Last month GlobalBees acquired The Better Home, a homecare products company. It is in talks to acquire 15 more brands, CEO Agarwal recently told Tech in Asia.
- In the last few months, India has seen nearly a dozen roll-up ecommerce startups crop up, attracting over US$300 million from top investors including Tiger Global, SoftBank, and Accel. (Read: Roll-up ecommerce flexes its muscles in India)
Editing by Collin Furtado and Arpit Nayak
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