🇮🇳 Thrasio-styled GlobalBees breaks into unicorn club with $111.5m raise

GlobalBees, an India-based roll-up ecommerce company, has raised US$111.5 million in a series B financing round led by Premji Invest. The round marks GlobalBees entry into the unicorn club as it hits a valuation of US$1.1 billion.

The startup’s existing investors like SoftBank and FirstCry also took part in the round, along with Steadview Capital.

Photo credit: GlobalBees

Founded in May 2021, GlobalBees has a portfolio of companies across beauty and personal care, nutrition and wellness, homecare, fashion jewelry, and eyewear. Last month, GlobalBees acquired two new brands: fashion jewelry label Yellow Chimes and homecare brand Absorbia.

GlobalBees plans to use the fresh funds to expand its product portfolio, improve customer experience, ramp up hiring, and scale brands. It is also in talks with over 20 firms to develop its portfolio of digital brands.

The New Delhi-based firm will also look to invest in over 100 brands over the next three years, including those in the fast-moving consumer goods, sports, home organization, and lifestyle spaces.

The capital raise comes amid the growing popularity of a Thrasio-style business model, where companies acquire brands that sell mid-range and high-end products in categories where competition is limited. Mensa Brands, another player in the roll-up ecommerce scene, became the youngest Indian firm to hit unicorn status, reaching the milestone within six months of its launch.

Housing more than 800 brands, India is becoming a fast-growing market for direct-to-consumer brands.

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