Thrasio style e-commerce firm GlobalBees is the new entrant in the unicorn club after raising $111.5 million in a Series-B funding led by Premji Invest, with a valuation at $1.1 billion.
Existing investors such as SoftBank and FirstCry also participated in the round along with Steadview Capital, the latest investor who injected some funds in the company.
Earlier in June, the company had pulled in $150 million from funding.
In just seven months, from May 2021 through to date, the company has reached a valuation above $1 billion.
With this valuation, GlobalBees becomes the 43rd Indian start-up to turn unicorn in 2021.
The funds will be directed towards strengthening its product portfolio and speed up its efforts towards product innovation, enhancing customer experience, staffing and scaling companies.
GlobalBees has a team of 100 people and is in advanced talks with over 20 brands to strengthen its portfolio, said the company.
Its portfolio of companies across verticals includes homecare, beauty and personal care, nutrition and wellness, fashion jewellery, and eyewear.
GlobalBees is aiming to invest in over 100 brands across verticals over the next three years, including fast-moving consumer goods (FMCG), sports, home organisation and lifestyle. So far, it has acquired eight brands.
“We have a deep purpose to build meaningful products across industries that address unique consumer needs. With this investment, we are well set 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,” GlobalBees CEO Nitin Agarwal said.