Premji Invest-led fund round of $111.5 mn turns GlobalBees unicorn
GlobalBees, a leading roll-up e-commerce company, has secured $ 111.5 million in series B funding led by Premji Invest.
The round also saw participation from existing investors, including SoftBank and FirstCry, while Steadview Capital became the latest investor to back the company.
With this latest investment, GlobalBees’ valuation stands at $ 1.1 billion.
It plans to use the proceeds to further strengthen its product portfolio and expedite its efforts towards product innovation, customer experience, hiring talent and scaling companies.
The company is now 100 plus people strong. It is in advanced talks with 20 plus firms to strengthen its portfolio of digital first brands.
Nitin Agarwal, GlobalBees CEO said, “With this investment, we are well set up to become India’s largest brand platform.”
GlobalBees was founded in May 2021 and has a diverse portfolio of companies across categories such as Homecare, Beauty and Personal Care, Nutrition & Wellness, Fashion Jewellery, and Eyewear in just 7 months.
GlobalBees plans to invest in 100 plus brands across verticals over the next three years, including fast-moving consumer goods, sports, home organisation, and lifestyle.
In July 2021, it raised $150 mn in a mix of equity and debt in a Series
A, led by FirstCry and other investors.
New SEBI norms may impact capital raising plans of some unicorns
Inability to raise money for future unidentifiable acquisitions would impact capital raising plans of some unicorns, experts said after SEBI announced new IPO norms.
Yash Ashar, Partner and Head, Capital Markets, Cyril Amarchand Mangaldas, said the companies impacted are particularly those which may not have any other use of capital and where the existing shareholders are not keen to sell.