GlobalBees, the US-based Thrasio styled company, has secured $ 111.5 million in series B funding led by Premji Invest and became a Unicorn Probably the last of the year 2021.
The round also included existing investors like 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.
Globalbees partners with entrepreneurs who have built an online-first business. and scales up D2C businesses in India and abroad. The company added it is in advanced talks with 20 companies to acquire their brands.
Nitin Agarwal, GlobalBees CEO said, “With this investment, we are well set up to become India’s largest brand platform.” 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.
“Newer models on social commerce will continue to penetrate deeper into Bharat while revenue-based financing models will provide an alternate financing option to equity dilution conscious smaller D2C brands. At the same time, consumers will demand a frictionless post-checkout journey (auto-filled card/customer details, RTO predicts, one-step checkout). Startups providing shovels in the gold rush (Shiprocket, GoKwik) will have the potential to reap big wins,” a recent analysis said.
Mensa Brands which is also a Thrasio styled startup has achieved unicorn status within six months of starting operations, Other Thrasio-style ventures in India include 10Club and Goat Brand Labs.