GlobalBees enters unicorn club with $111.5 mn funding led by Premji Invest

E-commerce roll-up company GlobalBees has secured $111.5 million in series B funding led by Premji Invest that valued the company 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 company.

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 over 100 people strong. It is in advanced talks with more than 20 brands to strengthen its portfolio of acquisitions.

GlobalBees was founded in May 2021 and has built a diverse portfolio of companies across categories such as homecare, beauty and personal care, nutrition and wellness, fashion jewellery, and eyewear in the last 7 months. 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.

The company has offices in Delhi and Bangalore and has developed assets and expertise in marketing, technology, supply-chain and 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.

Globalbees is the third e-commerce roll-up company to enter the unicorn club this year after its rivals The Good Glamm Group and Mensa Brands achieved the feat in the past few months.