GlobalBees enters unicorn club with $111.5 mn funding led by Premji Invest

GlobalBees, an e-commerce roll-up startup, has raised US$111.5 million in series B fundraising headed by Premji Invest, thus entering the unicorn club with valuation of US$1.1 billion. This makes GlobalBees the third e-commerce roll-up company to enter the billion-dollar valuation club after The Good Glamm Group and Mensa Brands. Along with Premji Invest, existing investors such as SoftBank and FirstCry participated in the funding round for GlobalBees, while Steadview Capital became the company's newest investor.

The funds will be used to expand the company's product range and accelerate its efforts in product innovation, customer experience, hiring talent, and growing businesses. The firm presently employs over 100 workers. It is in advanced conversations with more than 20 brands to expand its acquisition portfolio.

Over the next three years, GlobalBees expects to invest in over 100 brands across sectors, including fast-moving consumer goods (FMCG), sports, home organisation, and leisure.

GlobalBees was founded in May 2021 and in July 2021, the firm secured US$150 million in a Series A round headed by FirstCry and other investors, which included a combination of equity and debt.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.