SoftBank-backed GlobalBees joins unicorn club with $111.5 mn funding
Premium- Steadview Capital, along with existing investors SoftBank and e-commerce baby products company FirstCry participated in the funding round, the company said
SoftBank-backed GlobalBees Brands Pvt Ltd, a Thrasio-style direct-to-consumer (D2C) venture that aggregates and invests in e-commerce brands, has raised $111.5 in its Series B funding round led by Premji Invest at unicorn valuation, the company said in a statement on Wednesday.
Unicorns are private companies with a valuation of $1 billion or more.
Steadview Capital, along with existing investors SoftBank and e-commerce baby products company FirstCry participated in the funding round, the company said. The transaction values GlobalBees at $1.1 billion, making it the 44th Indian company to join the unicorn club in 2021.
VCCircle reported in October that GlobalBees was in talks to raise $300 million in a round led by SoftBank, and with participation from homegrown private equity firm ChrysCapital at a valuation of a little more than $1 billion.
The company said it plans to use the proceeds to strengthen its product portfolio and also for innovation, enhancing customer experience, hiring employees (says it currently has more than 100 employees) and scaling brands that it owns. The company added it is in advanced talks with 20 companies to acquire their brands.
The company has been on an acquiring spree lately. GlobalBees has acquired as many as eight brands till date.
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In November, the company had acquired majority stake in Healthyhey (dietary supplements maker), Rey Naturals(hair care products brand) and Intellilens(eyewear brand) for undisclosed amounts. In that same month, GlobalBees had added Yellow Chimes, a fashion jewellery brand and Absorbia, a home care brand, to its portfolio.
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