BENGALURU: Within seven months of its launch, GlobalBees, a roll-up e-commerce company, joined the coveted unicorn club with its latest round of funding. In 2021, alone, including GlobalBees, 43 start-ups have made it to the unicorn club. The company on Wednesday raised USD 111.5 million in series B funding led by Premji Invest.
The round also saw participation from existing investors including SoftBank and FirstCry, while Steadview Capital became the latest investor to back the company. The company plans to use the proceeds to further strengthen its product portfolio and expedite its efforts towards product innovation, customer experience, hiring talent and scaling companies.
A roll-up company is built primarily through the acquisition of smaller companies. The company employs over 100 people and it is in advanced talks with over 20 companies to strengthen its portfolio of digital first brands.
GlobalBees CEO Nitin Agarwal said, "With this investment, we are well set up to become India’s largest brand platform. 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."
Founded in May 2021, GlobalBees has a diverse portfolio of companies across categories such as homecare, beauty and personal care, nutrition & wellness, fashion jewellery, and eyewear.