The startup would use the fresh funds for its working capital needs, the sources said
GlobalBees has raised about $175 Mn in funding till date and counts the likes of Lightspeed and SoftBank among its backers
Last month, FirstCry’s parent entity BrainBees Solutions Limited filed its DRHP to raise INR 1,816 Cr through a fresh issue of shares
Softbank-backed ecommerce rollup startup globalbees
has raised INR 140 Cr ($17 Mn) in a debt funding round from Avendus, sources told Inc42.
The startup would use the fresh funds for its working capital needs, the sources said.
The debt round comes almost two years after the startup raised an equity funding of $111 Mn in its Series B funding round to enter the coveted unicorn club.
Launched in 2021, GlobalBees, which is headed by Nitin Agarwal as the CEO, invests in and acquires companies which sell their products on Amazon India, Flipkart, and other ecommerce marketplaces. GlobalBees claims to partner with companies that have built products based on consumer insights in niche categories like fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle.
GlobalBees has raised about $175 Mn in funding till date and counts the likes of Lightspeed and SoftBank among its backers. The startup competes with the likes of Mensa Brands, Evenflow, and GOAT Brand Labs.
The funding comes close on the heels of GlobalBees’ parent entity FirstCry filing its draft red herring prospectus (DRHP) with the market regulator.
Last month, FirstCry’s parent entity BrainBees Solutions Limited filed its DRHP to raise INR 1,816 Cr through a fresh issue of shares. Its initial public offering (IPO) will also comprise an offer-for-sale (OFS) component of 5.4 Cr equity shares.
Japan’s SoftBank, which owns over 25% stake in FirstCry, will sell up to 2 Cr equity shares in the OFS, while Premji Invest will sell 86 Lakh shares. Founder Supam Maheshwari will also sell 18.2 Lakh shares in the IPO.
