D2C GlobalBees Platform Secures $ 150 Million Series A
Indian Consumer Direct Investment Platform (D2C) GlobalBee raised $ 150 million in a Series A funding round led by FirstCry, with additional participation from Lightspeed Venture Partners, The Economic Times reported Monday (July 19).
The round is $ 75 million in equity and $ 75 million in debt and would be the largest Series A financing in India. The startup was launched this year and is similar to Boston-headquartered Thrasio, a company that has acquired third-party Amazon sellers.
Based in Bengali, the startup buys and teams up with digital native brands in many verticals and has a revenue rate of $ 1 million to $ 20 million.
“GlobalBees is looking to partner with digital native brands in categories such as Beauty, Personal Care, Home, Kitchen, Food, Nutrition, Sports, Lifestyle, etc. with a revenue rate of $ 1 million to $ 20 million, “the company said in a statement. , according to the newspaper.
The deal also includes the appointment of new members of the board of directors of GlobalBees – Vikas Agnihotri of SoftBank, Harsha Kumar of Lightspeed, Atul Gupta of Premji Invest, Sudhir Sethi of Chiratae Ventures and Kshitij Sheth of Chrys Capital.
“In addition to capital, GlobalBees brings strategic capabilities in the areas of marketing and growth, technology, distribution, sourcing, branding, warehousing, logistics, R&D, products and operations – all essential for rapidly moving brands into the digital space ”, Nitin Agarwal, CEO of GlobalBees, who co-founded the company with FirstCry co-founder Supam Maheshwari.
Agarwal added that GlobalBees is looking to develop a digital and enterprise distribution ecosystem, but not all of the brands it partners with will be acquired on day one, TechCrunch reported. Instead, new partnerships will turn into acquisitions over a three-year period.
Thrasio raised $ 260 million in a Series C round at a $ 1 billion valuation led by Advent International. The startup has been profitable since its inception three years ago and has doubled its turnover on average every 73 days. It is one of the best sellers on Amazon and supports over 6,000 products.