Thracio-style startup GlobalBees has announced that it has raised $150 million in a Series A financing round led by FirstCry. Lightspeed has also participated in this round. The company has informed that Vikas Agnihotri, Harsh Kumar, Atul Gupta, Sudhir Sethi and Kshitij Sheth will join the board of directors of GlobalBees.
The appointment of these members to the Board of Directors of GlobalBees confirms that SoftBank, Premji Invest, Chiratae Ventures and Chrys Capital have also participated in this financing round. GlobalBees seeks to digitally partner with native brands across categories such as beauty, personal care, home, kitchen, food, nutrition, sports, lifestyle, and more, with a focus on capital efficiency. According to the company, this product is proof of its market fit.
According to GlobalBees, India is witnessing a growth of small brands with around 120,000 new sellers selling on Amazon India, of which around 4,200 brands have crossed Rs 1 crore in sales in the year 2020. These numbers present an opportunity for GlobalBees to accelerate in the D2C space. Nitin Agarwal, Co-Founder and CEO, GlobalBees, said that the company aims to unleash the power of product innovation by Indian entrepreneurs and build strategic partnerships with them to realize the full potential of their brands and products.
Nitin Aggarwal explained that in addition to capital, GlobalBees brings strategic capabilities across marketing and development, technology, distribution, sourcing, branding, warehousing, logistics, R&D, product development and operations – all things needed to rapidly grow brands in the digital space are necessary. He further added that the funds raised will go a long way in helping us grow these brands globally.