FirstCry Subsidiary GlobalBees Faces Insolvency Plea

Three individuals have filed a petition to initiate insolvency proceedings against GlobalBees Brands, a material subsidiary of listed kids-focussed omnichannel retailer FirstCry’s parent Brainbees Solutions, for a claim amount of INR 65 Cr. 

In an exchange filing, Brainbees said that Ashutosh Garg, Paritosh Garg and Manju Agarwal have filed the plea for a claim amount of INR 64.92 Cr, excluding interest, pertaining to the period between May 9, 2025 and the “date of actual payment”.

“… Ashutosh Garg, Paritosh Garg and Manju Agarwal, have together filed an application… against Globalbees Brands Private Limited,… before the Hon’ble National Company Law Tribunal, New Delhi Bench, for an alleged claim amount of INR 64,92,38,997/- along with interest at the rate of 18% p.a. accruing from May 9, 2025 until the date of actual payment,” the filing said.

For context, Brainbees owns a 51% stake in GlobalBees, which invests in D2C brands and scales them. 

The listed company did not offer any clarity on who the three persons are. However, as per Brainbees’ RHP dated July 30, 2024, the trio were shareholders of a company called Kuber Mart Industries.

As per the RHP, GlobalBees acquired a 74% stake in Kuber Mart in December 2021. At the time, Kuber Mart was involved in the business of home care products, 

In the filing, Brainbees said that the insolvency petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 and the Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicatory Authority) Rules, 2016.

The section pertains to initiation of bankruptcy proceedings if a default has occurred on a financial debt. 

The filing said that GlobaBees is “actively seeking appropriate” legal advice and undertaking all necessary measures to oppose the application to safeguard its interests. 

“The financial implication on the company cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges,” it added. 

Founded in 2021 by Supam Maheswari, GlobalBees invests in and acquires D2C brands. The Thrasio-style company partners with brands that have built products based on consumer insights in niche categories like FMCG, sports, home decor, and lifestyle. 

Backed by the likes of Lightspeed and SoftBank, Globalbees has raised over $175 Mn in funding to date and has acquired brands such as The Clownfish, andMe, Candes Technology, among others. 

GlobalBees Sees Top-Level Exits

The insolvency petition comes at a time when GlobalBees has been witnessing a slew of top-level exits. In April this year, the company’s CEO Nitin Agarwal quit. Its chief business officer Damandeep Soni resigned in August last year.

In February, senior vice president Mohit Saxena also put in his papers, while Abhishek Biswas, category head of home, kitchen, furniture, and appliances, exited in March this year. 

Last month, Inc42 reported that as many as three directors on the company’s board have quit this year so far. These included the representatives of Lightspeed India (Harsha Deepak Kumar), Chiratae Ventures (Sudhir Kumar Sethi) and Premji Invest (Kaveesh Chawla). The trio were asked to step down to avoid any conflict of interest as GlobalBees has access to unpublished price-sensitive information (UPSI) of listed parent Brainbees. 

Meanwhile, Brainbees continues to pump capital in the company. In April, GlobaBees received an infusion of INR 73 Cr, the first tranche of its total INR 146 Cr fundraise, to fuel its acquisition spree.