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Startup Spotting: 3-month old GlobalBees raises $150 million led by FirstCry

Jul 20, 2021 11:51 IST | By Editorji News Desk

Three-month-old GlobalBees has raised $150 million in a Series A financing round led by FirstCry. GlobalBees a new kid on the startup block is looking to replicate the success of Thrasio in India. 

Thrasio is a US-based e-commerce player that acquires small sellers/brands listed on the Amazon marketplace. After the acquisition of Amazon seller’s businesses, Thrasio scales them up. Thrasio is valued at around $4 billion currently. 

This funding makes GlobalBees’ round one of the largest Series A funding in India. Founded by former Edelweiss executive Nitin Agarwal and Supam Maheshwari, a founder of FirstCry, GlobalBees is looking at acquiring and partnering with businesses across segments with a revenue rates of $1 million to $20 million.

In a big bet for going 'Vocal for Local' Nitin Agarwal stated “GlobalBees aims to unleash the power of product innovation by Indian entrepreneurs and strategically partner with them to help them realize the full potential of their brand and products.”

There are currently 120,000 sellers on Amazon India, of which around 4,200 crossed Rs 1 crore in sales in 2020. GlobalBees stated it will bring more native brands from Amazon, Flipkart, and other e-commerce platforms into its portfolio. 

 

Startup Spotting: 3-month old GlobalBees raises $150 million led by FirstCry

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