Home Business SoftBank-Backed GlobalBees Enters Unicorn Club With $111.5-Million Fundraise

SoftBank-Backed GlobalBees Enters Unicorn Club With $111.5-Million Fundraise

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New Delhi: Roll-up e-commerce agency GlobalBees has raised $111.5 million in sequence B funding led by Premji Make investments that valued the corporate at $1.1 billion, the corporate stated in an announcement on Wednesday.

With this spherical of funding, SoftBank-backed GlobalBees has entered the unicorn membership as the corporate is valued at $1.1 billion. The spherical additionally noticed participation from present traders, together with SoftBank and FirstCry, whereas Steadview Capital grew to become the newest investor to again the e-commerce paltform.

The corporate raised $150 million in a sequence A funding, which is a mixture of fairness and debt, led by FirstCry and different traders in July.

GlobalBees plans to make use of the proceeds to strengthen its product portfolio, expands its attain, expedite its efforts in direction of product innovation, buyer expertise, hiring expertise, and scaling companies. The corporate is now over 100 individuals sturdy. It’s in superior talks with greater than 20 manufacturers to strengthen its portfolio of acquisitions.

In keeping with a information report, Nitin Agarwal, GlobalBees CEO, stated, “We’ve got a deep goal to construct significant merchandise throughout industries that deal with distinctive client wants. With this funding, we’re properly setup to change into India’s largest model platform. We’re an august firm of outstanding founders who’ve constructed nice corporations on-line. With this infusion of capital, we will work collectively to take these corporations international.”

GlobalBees, which was based in Could 2021, has a portfolio of corporations throughout homecare, magnificence and private care, vitamin and wellness, trend jewelry, and eyewear.

GlobalBees plans to spend money on over 100 manufacturers throughout verticals within the subsequent three years, together with fast-moving client items (FMCG), sports activities, dwelling organisation, and way of life.

The agency has workplaces in Delhi and Bengaluru and has developed property and experience in advertising, know-how, provide chain and logistics and product innovation, amongst different issues.

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