GlobalBees is investing $3.2 Mn for 39.26% stake in Candes
As part of the deal, Nitin Agarwal and Damandeep Soni will join Candes as nominee directors
Candes offers electric appliances ranging from ceiling fans, mixer grinders to washing machines
D2C brand aggregator GlobalBees will be investing in D2C appliance brand Candes. The Thrasio venture style arm of IPO-bound FirstCry, which is known to acquire and partner with D2C startups to help them grow, will make its foray into consumer electronics segment with this investment.
In an extraordinary general meeting on April 18, the shareholders of Candes decided to allot 17,544 compulsorily convertible preference shares (CCPS) to GlobalBees. GlobalBees will be investing close to $3.2 Mn in Candes in exchange for a 39.26% stake in the startup.
As a part of the deal, Nitin Agarwal, CEO of GlobalBees, and Damandeep Soni, CBO of GlobalBees, will be joining the board of Candes as nominee directors.
Candes was founded in 2015 by Sandeep Agarwal and Vipin Agarwal, who had earlier spent close to a decade in shaping their family’s Vedanta Electricals.
The D2C brand sells products ranging from ceiling fans to mixer grinders, and from televisions to washing machines. It also sells air coolers. The startup’s products are also available on ecommerce giants such as Amazon, Flipkart, Udaan, and Moglix.
The New Delhi-based brand also offers B2B registration, thus allowing bulk ordering for offices or other commercial space.
Apart from major home appliance makers, such as Havells, Philips, LG, Candes also competes with Mumbai-based startup Atomberg.
In June 2021, Candes raised $3 Mn led by Anuraag and Ruchirans Jaipuria along with Lotus Group Joint MD Nitin Passi, among others.
GlobalBees, which entered the unicorn club late last year after raising $111.5 Mn in its Series B round, has been acquiring startups since August last year. To date, the LightSpeed-backed D2C aggregator has acquired or invested in over a dozen D2C brands.
In 2022, GlobalBees, as per media reports, invested in four D2C brands. These are:
- Reach – a fitness equipment brand,
- The Butternut Company – a healthy snack brand
- Mush – a sustainable clothing company
- Strauss – a sports fitness equipment brand
Last year, it acquired The Better Home, andMe, Prolixr, Absorbia, Yellow Chimes, HealthyHey, among others.
GlobalBees competes with the likes of Mensa Brand, 10Club, Upscalio, Evenflo, and GOAT Brand Labs, among others.
In 2021, the D2C segment in India saw unprecedented funding, with more than $1.4 Bn raised across 160+ funding deals. As per an Inc42 Plus report, the Indian D2C market is expected to triple from $33.1 Bn in 2020 to $100 Bn by 2025 on the back of rise in online shoppers in India to 350 Mn by FY25 from 128 Mn in FY21.