Thrasio style e-commerce company GlobalBees has joined the unicorn club on raising $111.5 million in a Series-B funding led by Premji Invest at a valuation of $1.1 billion.
The round also saw participation from existing investors like SoftBank and FirstCry, while Steadview Capital becomes the latest investor to back the company. The company had raised $150 million earlier in July.
GlobalBees took just seven months from May 2021 to reach a valuation above $1 billion. Rival Mensa Brands turned unicorn within six months. The valuation makes GlobalBees the 44th Indian start-up to turn unicorn this year.
The funds will be used to strengthen its product portfolio and expedite its efforts towards product innovation, customer experience, hiring talent and scaling companies.
With a 100-plus team size now, GlobalBees is also in advanced talks with more than 20 brands to strengthen its portfolio, said the company. Its portfolio of companies across categories includes homecare, beauty and personal care, nutrition and wellness, fashion jewellery, and eyewear.
GlobalBees plans to invest in more than 100 brands across verticals over the next three years, including fast-moving consumer goods (FMCG), sports, home organisation and lifestyle. So far, it has acquired eight brands.
“We have a deep purpose to build meaningful products across industries that address unique consumer needs. With this investment, we are well set 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 CEO Nitin Agarwal said.