FirstCry’s GlobalBees Invests Another INR 8 Cr In D2C Brand The Butternut Co

FirstCry’s subsidiary GlobalBees has invested an additional INR 8 Cr in D2C brand The Butternut Co to increase its stake in the healthy snack brand to 100%.

In an exchange filing, FirstCry said that GlobalBees made the additional investment to acquire 24% stake in the D2C brand.

As per FirstCry’s red herring prospectus (RHP) filed on August 6, GlobalBees held 76% stake in The Butternut Co, while its cofounders Sahil Kukreja and Ankita Kukreja together held 24%. 

As per the RHP, The Butternut Co’s revenue from operations in the financial year 2023-24 (FY24) jumped 57% to INR 11.14 Cr from INR 7.09 Cr in the previous fiscal year. The startup also registered a loss of INR 1.61 Cr in the fiscal as against INR 2.77 Cr in FY23. 

The filing said that The Butternut Co’s net worth stands at INR 5.8 Cr.

Founded in 2016 by Sahil and Ankita Kukreja, The Butternut Co sells almond, seed and peanut butter variants through its website. GlobalBees invested in the startup in 2022. 

Back then, it also announced  investments in D2C startups HealthVit and Top Gummy, personal care brands UrbanGabru and Urban Yog, and lifestyle brand Kuber Industries. 

The latest development comes days after GlobalBees increased its stake in bags and rainwear brand The Clownfish. On September 21, it announced an investment of INR 5.88 Cr for an additional 22.5% stake in the startup. 

Founded by Nitin Agarwal and Supam Maheshwari, GlobalBees invests in and acquires brands that sell their products on Amazon India, Flipkart, and other ecommerce marketplaces. The Thrasio-style arm of FirstCry also counts The Better Home, andMe, Absorbia, Yellow Chimes, Prolixir, Rey Naturals, Healthy Hey, Intellilens, Strauss, Mush and Reach in its portfolio. 

GlobalBees reported an  operating revenue of INR 324.5 Cr in Q1 FY25, up 26% from INR 256.5 Cr in the year-ago quarter. 

The quarter also saw its parent FirstCry narrow its consolidated net loss 31% year-on-year (YoY) to INR 75.68 Cr. Meanwhile, operating revenue grew 10% to INR 1,652.07 Cr during the quarter under review from INR 1,496.93 Cr in Q1 FY24.  

Shares of FirstCry ended today’s trading session 2.9% higher at INR 643.80 on the BSE.