Series B round led by Premji Invest with participation from new investor, Steadview Capital and existing investors, SoftBank, FirstCry among others
GlobalBees has secured USD 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 becomes the latest investor to back the company. With this latest investment, GlobalBees’ valuation stands at USD 1.1 billion.
The company 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+ people strong. The company is in advanced talks with 20+ companies to strengthen its portfolio of digital first brands.
Speaking on the development, Nitin Agarwal, GlobalBees CEO said, “We have a deep purpose to build meaningful products across industries that address unique consumer needs. With this investment, we are well setup to become India’s largest brand platform. We are an august company of exceptional founders who have built great companies online. With this infusion of capital, we can work together to take these companies global.”
GlobalBees plans to invest in 100+ brands across verticals over the next three years, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle.
The company has offices in Delhi and Bangalore and has developed assets and expertise in marketing, technology, supply-chain & logistics and product innovation and more. In July 2021, the company raised $150 million in a mix of equity and debt in a Series A, led by FirstCry and other investors.
Source: Business World