New Delhi: Roll-up e-commerce firm GlobalBees has raised $111.5 million in series B funding led by Premji Invest that valued the company at $1.1 billion, the company said in a statement on Wednesday.
With this round of funding, SoftBank-backed GlobalBees has entered the unicorn club as the company is valued at $1.1 billion. The round also saw participation from existing investors, including SoftBank and FirstCry, while Steadview Capital became the latest investor to back the e-commerce paltform.
The company raised $150 million in a series A funding, which is a mix of equity and debt, led by FirstCry and other investors in July.
GlobalBees plans to use the proceeds to strengthen its product portfolio, expands its reach, expedite its efforts towards product innovation, customer experience, hiring talent, and scaling firms. The company is now over 100 people strong. It is in advanced talks with more than 20 brands to strengthen its portfolio of acquisitions.
According to a news report, 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, which was founded in May 2021, has a portfolio of companies across homecare, beauty and personal care, nutrition and wellness, fashion jewellery, and eyewear.
GlobalBees plans to invest in over 100 brands across verticals in the next three years, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle.
The firm has offices in Delhi and Bengaluru and has developed assets and expertise in marketing, technology, supply chain and logistics and product innovation, among other things.