Thrasio style e-commerce brands aggregator GlobalBees has joined the unicorn club after raising $111.5 million in Series-B funding led by Premji Invest and participation from existing investors, including SoftBank, FirstCry and new investor Steadview Capital at a valuation of $1.1 billion on December 29, 2021.
The year 2021 saw a slew of startups entering the coveted unicorn league, and it is the Thrasio styled ones being the fasted to join the club. GlobalBees took around seven months to reach a valuation of $1 billion, whereas rival Mensa Brands achieved the same within six months.
The proceeds will be used to strengthen its product portfolio further and expedite its efforts towards product innovation, customer experience, hiring talent and scaling companies.
A market laden with competition
GlobalBees was founded in May 2021 and has a diverse portfolio of companies across categories such as homecare, beauty and personal care, nutrition and wellness, fashion jewelry and eyewear in just seven months. It plans to invest in more than 100 brands across verticals over the next three years, including fast-moving consumer goods (FMCG), sports, home organization, and lifestyle.
A Thrasio-styled startup with a 100-plus team size now, GlobalBees is also in advanced talks with more than 20 brands to strengthen its portfolio, said the company. Their business model is similar to US-based Thrasio, acquiring and managing around 100 independent Amazon sellers and direct-to-consumer (D2C) brands.
Thrasio is now valued at $9 billion and reported a profit of $100 million on revenues of $500 million in the last financial year. The US-based company is reportedly eyeing the Indian market, although it’s yet to finalize expansion plans.
Meanwhile, GlobalBees will compete closely with other Thrasio-styled startups like Mensa Brands in India, which Myntra ex-CEO Ananth Narayanan founds.
Thrasio style has been the flavor of the season
This year, the category has received heightened investor attention alongside other segments such as edtech, fintech, hyperlocal, and SaaS. According to some estimates, the year 2021 was a record-breaking year for startup funding with the overall volume of deals crossing more than $35 billion.
“We have a deep purpose of building meaningful products across industries that address unique consumer needs. We are well set up to become India’s largest brand platform with this investment. We are an august company of exceptional founders who have built great companies online. With this infusion of capital, we can work together to take these companies global,” GlobalBees CEO Nitin Agarwal said in a statement.
The company has offices in Delhi and Bengaluru and has developed assets and expertise in marketing, technology, supply chain, logistics and more. In July 2021, the company raised $150 million in a mix of equity and debt in a Series A funding, led by FirstCry and other investors.