SoftBank-backed GlobalBees Brands Pvt Ltd, a Thrasio-style direct-to-consumer (D2C) venture that aggregates and invests in e-commerce brands, announced on Wednesday that it had raised $111.5 million in a Series B funding round led by Premji Invest at a unicorn valuation.
Unicorns are private companies that have a market capitalization of $1 billion or more.
The funding round was led by Steadview Capital, with participation from existing investors SoftBank and e-commerce baby products company FirstCry, according to the company. GlobalBees is now valued at $1.1 billion, making it the 44th Indian company to join the unicorn club in 2021.
In October, VCCircle reported that GlobalBees was in talks to raise $300 million in a round led by SoftBank, with participation from local private equity firm ChrysCapital, at a valuation of slightly more than $1 billion.
The proceeds will be used to strengthen its product portfolio, as well as for innovation, improving customer experience, hiring employees (the company claims to have more than 100 employees), and scaling brands that it owns. The company also stated that it is in advanced talks with 20 other companies about acquiring their brands.
Recently, the company has been on an acquisition binge. GlobalBees has acquired up to eight brands to date.
In November, the company paid an undisclosed sum for a majority stake in Healthyhey (a manufacturer of dietary supplements), Rey Naturals (a manufacturer of hair care products), and Intellilens (a manufacturer of eyewear). In the same month, GlobalBees expanded its portfolio with the addition of Yellow Chimes, a fashion jewellery brand, and Absorbia, a home care brand.
