An insolvency plea has been filed against its substantial subsidiary, GlobalBees Brands, over claimed unpaid dues of almost INR 65 crore, according to Brainbees Solutions, the parent company of omnichannel baby products store FirstCry.
Ashutosh Garg, Paritosh Garg, and Manju Agarwal have petitioned the National Company Law Tribunal’s (NCLT) New Delhi bench under Section 7 of the bankruptcy and Bankruptcy Code (IBC) in an attempt to start bankruptcy proceedings against GlobalBees, according to a filing made to stock markets on June 18 by Brainbees.
The total amount requested is INR 64.92 crore, with interest at the rate of 18% per year starting on May 9, 2025.
GlobalBees Planning to Challenge the Plea
According to Brainbees, GlobalBees, which owns and invests in a portfolio of consumer brands that prioritise digital technology, is actively looking for legal counsel and intends to contest the plea even during the admissions process.
In the filing, the company stated that it is impossible to determine the financial impact on the company and that it depends on how the aforementioned proceedings and any ensuing legal challenges turn out.
Financial Dynamics of FirstCry
According to a business filing on May 26, FirstCry recorded a net loss of INR 111.5 crore for the fourth quarter of FY25, which increased from INR 43.2 crore in the same period last year.
In the prior quarter, FirstCry posted a loss of INR 14.7 crore. One factor contributing to the company’s losses in the March quarter was a one-time loss of INR 36.7 crore.
Nonetheless, the loss for the entire fiscal year decreased by 18% to INR 264.8 crore in FY25 from INR 321.5 crore the year before. In Q4FY25, the company’s operating revenue increased 16% year over year to INR 1,930.3 crore from INR 1,668.9 crore the previous year.
Compared to INR 2,172.3 crore in the prior quarter, the revenue decreased by 11%. In FY25, the company’s consolidated operating revenue was INR 7,810.1 crore, a 19% increase over FY24’s INR 6,550 crore.
Brainbees’ Financial Outlook
In contrast, the FirstCry parent company’s total expenses rose 17% to INR 1,914.4 crore in the quarter that ended in March, from INR 1,633.7 crore in the same period last year and INR 2,064.4 crore in the previous quarter.
The company’s expenses for the entire year totalled INR 7,429.6 crore, a 16% increase over INR 6,410.4 crore the year before.
According to multiple news reports, the Bureau of Indian Standards (BIS) carried out a significant search and seizure at a FirstCry warehouse the day after it released its quarterly results.
The items seized included toys, sippers, and other items valued at nearly INR 1.43 crore, which were allegedly sold without the required BIS certification.
GlobalBees, a FirstCry affiliate, keeps losing employees. According to various media reports, over the past three to four months, three members of GlobalBees’ board of directors have resigned: Kaveesh Chawla, board representative of Premji Invest; Sudhir Kumar Sethi, board representative of Chiratae Ventures; and Harsha Deepak Kumar, board representative of Lightspeed India Partners.
According to a media report, the directors had to leave in order to prevent any possible conflicts or regulatory difficulties because GlobalBees is a FirstCry subsidiary and thus had access to unpublished price-sensitive information (UPSI).
According to a spokeswoman for Premji Invest, the company generally refrains from holding board positions in publicly traded firms or their subsidiaries. Premji Invest resigned from the Board of FirstCry and GlobalBees, a FirstCry subsidiary, several months ago in accordance with this concept.
A media report claims that Premji and Chiratae are still involved with FirstCry and are its stockholders. They are leaving GlobalBees in accordance with UPSI regulations.
By preventing anyone with access to sensitive information from trading a company’s stocks before the information is made public and its effect is reflected in the market price, SEBI’s Unpublished Price Sensitive Information (UPSI) regulations seek to prevent insider trading.
Exit Culture Getting Popular at GlobalBees
Additionally, all of these significant departures coincide with certain senior-level departures from GlobalBees: CEO of GlobalBees Nitin Agarwal (exited April 2025) InternationalBees’ CBO, Damandeep Soni (exited August, 2024) Globalbees Senior Vice President Mohit Saxena exited in February 2025.
Home, kitchen, furniture, and appliance category head Abhishek Biswas (who exited in March 2025) and Operations Executive VP Venkatesh SS Deepak Khetan, Head of Corporate Development and CFO (exited June 2).
Founded in 2021, GlobalBees invests in and buys D2C brands that offer goods on Flipkart, Amazon India, and other online marketplaces.
It collaborates with businesses that have developed products in specialist markets like sports, fast-moving consumer goods (FMCG), home organisation, and lifestyle based on consumer data. Among other brands, the startup has previously purchased Candes Technology, andMe, and The Clownfish.
Financial Dynamics of GlobalBees
Lightspeed and SoftBank are among the investors in the business, which has garnered more than $175 million in total capital to date. Players like BRND.ME (previously Mensa Brands), Evenflow, and GOAT Brand Labs are competitors of the startup.
As part of the first tranche of its INR 146 Cr infusion, FirstCry invested INR 73 Cr in GlobalBees just last month.
In recent years, India has witnessed a remarkable surge in startups achieving the prestigious “unicorn” status. These privately held startup companies, valued at over $1 billion, signify the vibrant growth of India’s startup ecosystem. While the United States and China lead globally in the number of unicorns, India has secured a spot in the top three countries, showcasing the rapid development of its startup landscape.
Several Indian startups have attained unicorn status unprecedentedly, earning the title of fastest unicorn. This growth can be attributed to factors such as increasing smartphone and internet penetration, urbanization, rising disposable incomes, and substantial funding opportunities supported by government initiatives like Startup India and Digital India.
This article analyzes some rapidly evolving Indian firms that have quickly earned association in the elite unicorn club. These fastest unicorns’ unique ideas have gained funding and validation from top global investors. They are also driving a revolution in India’s major industries.
Bhavish Aggarwal and Krishnamurthy Venugopala Tenneti
India’s Unicorn Companies – Krutrim
Launched in December 2023, Krutrim Ai Designs was founded by Bhavish Aggarwal and Krishnamurthy Venugopala Tenneti. Krutrim is a large language model (LLM) that comes in two versions: the base Krutrim model, which comprehends 22 Indian languages and can generate content in 10 languages, and the more advanced Krutrim Pro.
Developed entirely in India, Krutrim aims to align with Indian cultural nuances and cost structures to support the advancement of AI in the country. In a remarkable feat, Krutrim swiftly secured $50 million in funding, catapulting its valuation to an impressive $1 billion. This rapid ascent not only marks Krutrim as India’s first unicorn of 2024 but also positions it as the fastest startup in the country to achieve this milestone, accomplishing it within just one month of launching its large language model.
Mensa Brands is a technology-led investment platform that helps founders of digital-first brands grow their businesses using data, technology, and team expertise. It is an Indian startup that acquires direct-to-consumer brands and helps them scale within the home market and overseas. Mensa Brands currently houses 12 brands, 80% of which are run by women, and operate in three categories- apparel, beauty and personal care, and home.
Mensa became a unicorn, with a valuation of more than one billion dollars, just six months after it was founded. Ananth Narayanan launched it in May 2021; by November 2021, it was a unicorn. It raised $135 million in a Series B fundraising round headed by Falcon Edge’s Alpha Wave Ventures, valued at $1.2 billion.
GlobalBees
Company
GlobalBees
Founded
2021
Founders
Nitin Agarwal and Supam Maheshwari
India’s Unicorn Companies – GlobalBees
GlobalBees, founded in 2021 by Nitin Agarwal and Supam Maheshwari, brings digitally native brands into its fold, spanning various categories like beauty, personal care, home and kitchen, food and nutrition, and sports and lifestyle. These brands typically generate revenue ranging from $1 million to $20 million. GlobalBees assists these firms in expanding their reach by partnering with them and facilitating sales through marketplaces and other channels, both within India and internationally.
In December 2021, GlobalBees achieved unicorn status after successfully raising $110 million in its Series B funding round. The round was spearheaded by Premji Invest, the investment firm led by Wipro’s Azim Premji, with participation from existing investors, including Steadview Capital, Lightspeed, SoftBank, and FirstCry. With this infusion of funds, GlobalBees aimed to strengthen its product portfolio, drive further innovation, enhance the customer experience, recruit top talent, and scale its operations.
Ola Electric is an electric vehicle (EV) company dedicated to shaping a brighter, safer, and more sustainable future. Its vision is to establish India as the global hub for EVs by fostering an ecosystem of innovative products, services, and technologies. Ola Electric offers the Ola S1 electric scooter in variants like the Ola S1 Air, Ola S1X, Ola S1, and S1 Pro.
The company’s manufacturing facility, sprawled across a 500-acre, fully automated complex in Pochampalli town, Krishnagiri district, Tamil Nadu, is set to become the world’s largest two-wheeler factory. With an impressive annual production capacity of 10 million units, it aims to revolutionize the EV industry globally.
Ola Electric achieved unicorn status within just two years of its founding, having raised $250 million from SoftBank in a Series B funding round. This investment valued Ola Electric at over $1 billion, solidifying its position as a key player in the EV market. Additionally, Bhavish Aggarwal, the company’s founder, announced plans to establish the Battery Innovation Center (BIC) in Bangalore. This facility, considered Asia’s largest Cell R&D facility, signifies Ola Electric’s commitment to driving innovation and advancing EV technology.
Udaan
Company
Udaan
Founded
2016
Founders
Sujeet Kumar, Amod Malviya, and Vaibhav Gupta
India’s Unicorn Companies – Udaan
Udaan, established in late 2016 by former Flipkart executives Sujeet Kumar, Amod Malviya, and Vaibhav Gupta, is a unique B2B marketplace connecting manufacturers and wholesalers with retailers online. Unlike many startups, Udaan operates without a CEO by choice, setting it apart in the industry.
The platform simplifies the onboarding process for merchants, requiring minimal information, and provides effective catalog tools for product presentation. This creates a dynamic, two-way channel for trade, enhancing the overall user experience. Additionally, Udaan offers various services, such as credit financing and logistics, to facilitate connections between manufacturers and retailers. Notably, Udaan’s logistics service, Udaan Express, handles 65% of the company’s orders, further streamlining operations.
Recognized as one of the fastest companies to achieve unicorn status, Udaan attained this milestone in September 2018. This underscores its rapid growth and success within the B2B marketplace, solidifying its position as a leader in the industry.
On September 15th, 2021, Bengaluru-based Apna achieved unicorn status after securing $100 million in Series C funding led by Tiger Global, valuing the company at $1.1 billion. This remarkable milestone was reached just 21 months after its inception.
Apna provides a platform for job seekers to create profiles showcasing their skills, education, and work experience. Users can search for job opportunities, directly contact companies, schedule interviews, and ultimately secure employment. With India boasting over 300 million blue-collar workers, which is expected to rise annually by approximately 10%, platforms like Apna hold immense potential in this sector. Apna has a robust user base of 16 million individuals, with over 150,000 businesses utilizing the platform for recruitment. Impressively, apna facilitates more than 18 million job interviews every month, underscoring its significance in the Indian job market.
BharatPe is an Indian fintech firm formed in 2018. It offers a QR code-based payment solution software that enables offline businesses and shops to accept digital payments. It was created by Ashneer Grover and Shasvat Nakrani, both IIT Delhi alumni.
It enables retailers to accept payments from over 100 mobile apps with a single QR code that is automatically deposited to their bank account in real-time. The firm has experienced tremendous development, with a monthly transaction value of INR 1500 crores. It is the fourth largest player in the offline payments industry. It raised $370 million in a primary and secondary mix as part of a Series E investment round led by a new investor, New York-based Tiger Global Management. It propelled it to the list of Unicorn Companies.
Founded in 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, Swiggy is an Indian online food delivery platform. The founders, despite facing setbacks in previous ventures, pooled their expertise from IIT/IIM backgrounds and startup experience to launch Swiggy. The surge in India’s urban population and the rise of nuclear families where both partners work have fueled the demand for FoodTech services like on-demand delivery, cloud kitchens, and restaurant discovery.
Swiggy distinguished itself by prioritizing logistics and operating its delivery fleet instead of relying on restaurants or third-party services. This strategic move provided a significant competitive edge. Recently, Swiggy joined India’s unicorn club after securing $210 million in funding led by DST and Naspers, valuing the company at $1.2 billion. The funds were utilized to expand its supply chain network, venture into new markets, and bolster its engineering and technology teams.
Naveen Tewari, Abhay Singhal, Mohit Saxena, and Piyush Shah
India’s Unicorn Companies – Swiggy
Glance is an Indian artificial intelligence-based software company that delivers personalized content directly to smartphone lock screens. Its mission is to transform mobile shopping through a unique creator-led commerce strategy, leveraging influencers and celebrities to promote products directly to users on their phone’s lock screen. Co-founded in 2019 by Naveen Tewari, Abhay Singhal, Mohit Saxena, and Piyush Shah, Glance operates as a subsidiary of InMobi.
In an impressive feat, Glance achieved unicorn status within just 20 months by securing $145 million in primary investment from Google and existing investor Mithril Capital. This substantial funding valued Glance at over $1 billion, cementing its status as one of India’s fastest-growing startups at the time.
Glance acquired Roposo, a short-form video platform, to further enhance its offerings to integrate vernacular video content into its platform. The funding was also directed towards strengthening AI capabilities across Glance and Roposo, expanding the technology team, launching new services, enhancing the brand, and facilitating global expansion.
FAQs
Which are the key sectors driving the emergence of fast-growing unicorns?
Key sectors driving the emergence of fast-growing unicorns include financial services, software-as-a-service (SaaS), logistics, transportation, and education technology.
When did Mensa Brands become a unicorn?
Mensa Brands became a unicorn, with a valuation of more than one billion dollars, just six months after it was founded. It raised $135 million in a Series B fundraising round headed by Falcon Edge’s Alpha Wave Ventures, valued at $1.2 billion.
What is Apna?
Apna provides a platform for job seekers to create profiles showcasing their skills, education, and work experience. Users can search for job opportunities, directly contact companies, schedule interviews, and ultimately secure employment.
Which are rapidly evolving Indian unicorn firms?
Some rapidly evolving Indian firms that have quickly earned association in the elite unicorn club are as follows:
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by GlobalBees.
The modern industries of the world are transforming each day with the addition of new companies or startups and their disruptive ideas. Though the increasing competition is certainly bringing forth the best products at equally appreciable rates for the customers of now, it is excessively detrimental for the companies, especially startups to hold on to the fast-paced environment and cement their position in their respective spaces. Thus, many startups often lose control and end up being forgotten. Experience is what most of them lack most often and here’s why nowadays we find companies and veterans teaming up to upscale the startups.
It was Thrasio Holdings, Inc., which had made this idea possible in the US, scaling over 150 brands to date. This Thrasio-style has become really popular indeed ever since Thrasio began to be a huge success. GlobalBees is one such company that believes in the upscaling of other companies in India and is making it possible in India.
GlobalBees invests in a wide range of companies across domains like e-commerce, consumer technology, marketing and operations, and more, with a special focus on the sellers of the popular eCommerce platforms like Amazon and Flipkart to improve their sales and help them grow. The company is a Thrasio venture-style arm of FirstCry is already a unicorn in less than 8 months of operation!
If you want to know more about GlobalBees, its Business Model, Revenue Model, Funding and Investors, Startup Story, Acquisitions, Challenges, Competitors, and more, then read ahead.
GlobalBees is a startup that focuses on identifying and scaling amazing products. Since it was founded in 2021, GlobalBees has created a varied portfolio of firms in sectors including beauty, home care, personal care, nutrition and wellness, fashion jewellery, and eyewear.
Globalbees Brands Private Limited is a Non-Government Company that is listed in the company class. This company is registered with the Registrar of Companies (ROC) in Delhi with a paid-up capital of Rs. 7 lakh and authorized share capital of Rs. 7 lakh.
The startup purchases up-and-coming companies across niches. It aims to upscale merchants from an array of sectors such as fashion, home and kitchen, electronics, cosmetics, personal care, sports, and others. Globalbees works with entrepreneurs that have developed an internet-based business. The company’s staff grows direct-to-consumer (D2C) enterprises in India and beyond. Companies that have produced goods based on unique customer intelligence are favoured by the company.
GlobalBees assists businesses with scaling and revenue development once they have been acquired by the company. The New Delhi-based unicorn works with the merchants, especially with those who are on the e-commerce platforms like Flipkart and Amazon, the business uses smart marketing methods and other technologies to help these firms flourish. Not only that, but the corporation also starts the worldwide operations of these brands.
GlobalBees founder Nitin Agarwal stated in an interview that the company has already cooperated with 12+ digital businesses. These companies are selling their goods and services in domestic and international markets.
How GlobalBees Acquires Digital Brands?
GlobalBees works in a step-by-step way to acquire or collaborate with the brands. The GlobalBees team begins by gathering knowledge about the digital brand that it will purchase. The startup does this by looking at the revenue numbers and the items that the brand sells. For long-term success, the firm also learns how to establish a brand relationship with customers.
Following the completion of the first stage, the GlobalBees team prepares a contractual agreement with the founders, outlining all payout terms and circumstances.
Next, GlobalBees brings in its expertise and cutting-edge tools and technologies to expand the acquired brands. GlobalBees has a team of professionals who work directly with digital companies to help them flourish.
By acquiring more than 10 companies and becoming a unicorn in such a short span of time, GlobalBees has caused quite a stir in the Indian startup environment.
GlobalBees – Industry
The Thrasio model, pioneered by the US-based Thrasio Holdings has been insanely popular around the world and in India too following the brand’s success, which recently boasted of having a portfolio of over 100 brands and picking up a profit of $100 million on revenue of $500 million. The business model that replicates Thrasio was not quite explored before the Indian startups like Mensa Brands, 10Club, GOAT Brand Labs and GlobalBees started to foray into the same.
It was Amazon, which alone revealed in 2020 that as many as 4,152 sellers on its Indian marketplace have managed to cross Rs 1 crore in sales, which increased by 29% from the figures revealed in the previous year. This indicates the untapped opportunity in this space. The Indian brands like Upscalio, Evenflow, Powerhouse91, and the ones mentioned above have already started to take the pace and have together raised over $300 million so far.
GlobalBees – Name, Logo, and Tagline
GlobalBees assists emerging businesses in scaling and selling to marketplaces and other outlets in India and beyond the South Asian market, hence the name “Global-Bees”.
GlobalBees is founded by Deepak Khetan, Supam Maheshwari, and Nitin Agarwal in 2021.
Deepak Khetan
GlobalBees’ Chief Financial Officer (CFO) and Head of Corporate Development, Deepak Khetan is an alumnus of the Institute of Chartered Accountants of India, who also attained the CFA Institute and GARP, USA. Deepak is an experienced financial executive with over 18 years of experience in advising, credit, strategy, and accounting activities, and backed strong academic qualifications.
He has vast experience in mergers and acquisitions, strategic advising, capital raising, and restructuring transactions, as well as cross-border circumstances. Khetan has previously served as a Manager and Chief Manager at ICICI Bank; Group EVP – Investment Banking at YES Bank; Chief Strategy Officer at Smaaash Entertainment and as the CFO and SVP at Edelweiss Financial Services before co-founding GlobalBees.
Deepak Khetan, GlobalBees Founder
Supam Maheshwari
The CEO and Co-founder of FirstCry, Supam Maheshwari is a Co-founder of GlobalBees. A Mechanical engineer from the Delhi College of Engineering and an alumnus of IIM Ahmedabad, Supam had earlier co-founded Firstcry and Brainvisa Technologies.
Supam Maheshwari, GlobalBees Founder
Nitin Agarwal
GlobalBees’ Chief Executive Officer (CEO) is Nitin Agarwal. Nitin Agarwal obtained his Btech degree from IIT Delhi and has worked in a series of companies including Citibank, where he served as an Assistant Manager; Equirus Capital, where he served as the Director; Incred, where he was the Chief Operations Officer; Wecash, where he was the Chief Operating Officer and Edelweiss, where Agarwal served as the President and Group CIO, CTO and Chief Digital Officer. Nitin also co-founded Brainvisa, Bigshoebazaar India Pvt Ltd, and GlobalBees till now in his entrepreneurial career.
Nitin Agarwal, GlobalBees Founder-CEO
GlobalBees has an employee strength of 100+ employees.
GlobalBees’ mission statement says, “Investing in and nurturing brands to provide joyful product experiences to the world.”
According to the company, its growth drivers are:-
Innovation – The demands of customers are always changing. It seeks out novel solutions to meet the demands of customers and improve all parts of the customer experience.
Inspiration – The company is inspired by others. The team continually listens to our customers and is ever-changing to meet their needs. This enables them to develop amazing things even under the most difficult of circumstances.
Impact – Products can have a beneficial influence on people’s lives. The team collaborates with entrepreneurs to develop goods that serve both customers and society.
The Thrasio-style business model is a relatively new concept in India, but it has garnered positive feedback from the country’s startup community.
GlobalBees acquires and works with innovative digital companies working in areas such as grooming, personal care, home care and kitchen, food and nutrition, and sports and leisure. The New Delhi-based startup then assists these businesses in scaling and selling to marketplaces (such as Amazon and Flipkart) as well as other channels in India and beyond. GlobalBees has already purchased or collaborated with nearly a dozen businesses that they are selling both in India and beyond.
“We have created and engaged with brands in the past and realized that most of these brands reach a scale after which it becomes too difficult to scale them,” Agarwal said. “Supam and I have been talking about this for several years, trying to find ways to disrupt this market. We think there’s an opportunity to create a new house of brands that is digital-native.”
GlobalBees, according to Agarwal, will try to construct a distribution and enterprise ecosystem in the internet realm in the same way that conventional enterprises have done so in the offline world. GlobalBees plans to invest in roughly 30-35 companies spanning from various D2C categories to fast-moving consumer goods (FMCG) and more, following the strategy popularised by US-based Thrasio.
“Not all brands GlobalBees engages with will get acquired on day one”, Agarwal said.
GlobalBees isn’t the first company in India to use the Thrasio concept. Other well-known firms that have used the Thrasio strategy to acquire digital brands include Powerhouse91, Mensa Brands, 10club, and UpScale.
GlobalBees – Funding and Investors
GlobalBees has raised $301.8 million over five rounds of funding.
Date
Round
Amount
Lead Investors
Feb 6, 2024
Debt Financing
$18M
Avendus Capital
Dec 28, 2021
Debt Financing
$30M
Trifecta Capital Advisors
Dec 28, 2021
Series B
$110M
Premji Invest
Jul 18, 2021
Series A
$75.88M
FirstCry
Jul 18, 2021
Debt Financing
$75.88M
–
GlobalBees – Investments
GlobalBees had invested in one company on April 23, 2022, which was its maiden investment worth April 23, 2022, until it invested again in 5 companies, as of June 13, 2022 reports. The FirstCry arm has invested recently in HealthVit and Top Gummy, nutrition brands. Furthermore, it also invested in personal care brands UrbanGabru and Urban Yog, followed by another investment in a lifestyle brand named Kuber Industries. Though the funding rounds and the investment amounts have not yet been confirmed, reports mentioned that the company has invested up to Rs 50 crore in each of the brands.
Date
Name of the Company
Funding Round
Deal Value
Lead Investor
June 13, 2022
Kuber Industries
–
–
June 13, 2022
Urban Yog
–
–
June 13, 2022
UrbanGabru
–
June 13, 2022
Top Gummy
–
–
June 13, 2022
HealthVit
–
–
April 23, 2022
Candes
Corporate Round
$3.2 mn
Yes
GlobalBees – Acquisitions
GlobalBees last acquired Reach on February 9, 2022, which is a sports equipment brand. Reach is the 2nd brand in the sports and fitness that the Thrasi-styled brand acquired.
Among its other investments, GlobalBees had invested in had acquired a controlling share in Healthyhey (a dietary supplement company), Rey Naturals (a hair care product company), and Intellilens (an eyeglass company) in November 2021. It also invested in Yellow Chimes, a prominent fashion jewellery brand, and Absorbia, an innovative home care brand to possess majority stakes in them, which were added to GlobalBees’ portfolio in the same month.
Prolixr, a local millennial skincare business, &ME, and The Better Home, a women’s health solutions firm are some other brands that have been earlier acquired by GlobalBees, all of which are covered in the “Acquisitions” section below.
GlobalBees plans to invest in roughly 30-35 companies spanning from various D2C categories to fast-moving consumer goods (FMCG) and more, following the strategy popularised by US-based Thrasio. The organization is excited about the prospect of purchasing and combining companies, as well as assisting them in scaling and transforming their digital presence. Within this financial year, GlobalBees plans to invest in over 20 brands.
GlobalBees acquired 11 brands to date. Here’s a list of its acquisitions below:
Date
Acquiree Name
About Acquiree
Amount
February 9, 2022
Reach
Fitness equipment company from Gurgaon, which rents out equipment and promotes fitness
–
Jan 11, 2021
The Butternut Company
Healthy snack food brand
–
Jan 11, 2021
Mush
Premium brand that is aimed to design and develop high-quality bamboo textile products
–
Jan 11, 2021
Strauss
Premium quality gym and fitness equipment company
Nov 23, 2021
Rey Naturals
Therapeutic Grade essential oils.
–
Nov 23, 2021
HealthyHey
The company create nutritional and health products for overall fitness and well-being.
–
Nov 2, 2021
Yellow Chimes
Yellow Chimes is a fashion jewellery brand.
–
Nov 2, 2021
Absorbia
Absorbia is an innovative product that keeps your belongings damp-free.
–
Oct 25, 2021
Prolixr
Prolixr embodies the perfect balance of formula savvy and playfulness to inspire a love for skincare.
–
Oct 4, 2021
&ME
&Me is a lifestyle nutrition brand creating bioactive beverages for women.
–
Aug 31, 2021
The Better Home
The Better Home is a home care products company, as it builds its portfolio of digital-first brands and helps them scale.
–
GlobalBees – Growth
As the need for online D2C brands grows, GlobalBees is taking up the challenge pretty well. It has been the second Thrasio-style firm to become a unicorn in 2021, following Mensa Brands.
In just seven months, GlobalBees built a wide portfolio of firms in sectors such as home care, beauty, and personal care, nutrition and wellness, fashion jewellery, and eyewear. Over the next three years, GlobalBees expects to invest in over 100 brands across sectors, including fast-moving consumer goods (FMCG), sports, home organization, and leisure.
GlobalBees boasts of a presence across 600+ cities. The company has hit a monthly revenue of Rs 1 crore in October 2020, within just nine months after launch.
The firm, which has offices in Delhi and Bangalore, has established assets and skills in marketing, technology, supply chain and logistics, product innovation, and other areas.
GlobalBees – Competitors
The market for Thrasio-style startups has grown rapidly and GlobalBees has also picked up numerous competitors like:
The funding that the company received will be used to expand the firm’s product range and accelerate the innovation process, customer experience, talent recruiting, and corporate growth, according to the founder of the company.
Globalbees has grown to over 100 members. In addition, the firm is in advanced conversations with over 20 organizations to expand its digital-first brand portfolio.
Speaking on the development, Nitin Agarwal, GlobalBees CEO said, “We have a deep purpose to build meaningful products across industries that address unique consumer needs. With this investment, we are well setup 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.”
The company aims to reach $1 billion in revenue by 2026 and turn into a profitable startup.
FAQs
What does GlobalBees do?
GlobalBees invests in potential merchants on e-commerce platforms like Flipkart, Amazon, and Myntra, and works with their founders to improve their sales. These businesses can help businesses separate from the crowd of e-tailers by providing marketing skills.
Who founded GlobalBees?
GlobalBees is founded by Deepak Khetan, Supam Maheshwari, and Nitin Agarwal.
When was GlobalBees founded?
GlobalBees was founded in May 2021.
Which companies do GlobalBees compete with?
10.Club, Mensa Brands, GOAT Brand Labs, Upscalio, Recommend.my, Bellhops, Venn, Mensa, Peopletail, and Key Reception are some of GlobalBees’ major rivals.
How are GlobalBees and FirstCry related?
GlobalBees is often referred to as a Thrasio venture-style arm of FirstCry, which it is.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Powerhouse91.
E-commerce has reached a mature stage in India and talking about e-commerce we are not just talking about e-commerce giants like Amazon, Flipkart, or Myntra. There are thousands of smaller e-commerce companies that have cropped up in India. In total there are over 19,000 e-commerce companies in India today. But despite the boom in the e-commerce sector, it is not easy for e-commerce companies to become successful and grow. This is where the e-commerce roll-up companies come into the picture. Though the concept of e-commerce roll up is still in its initial stage in India, it is gaining popularity fast.
E-commerce roll-up companies acquire e-commerce companies with the goal of scaling them up and making these brands profitable. However, e-commerce roll-up is not like takeovers. While in the case of takeovers the acquired brands lose their identity, in the case of roll-up e-commerce, the acquired brands do not lose their identity. This is the story of Powerhouse91, one of the pioneer roll-up e-commerce companies in India.
Roll-up e-commerce was started by the US-based Company Thrasio. Thrasio was the first of its kind that started acquiring the popular brands sold on Amazon, that were owned by small businesses. With the growth of e-commerce companies in India, roll-up e-commerce is slowly picking up in India too. PowerHouse 91 is one of the first movers in this sector in India.
Powerhouse 91 acquires promising yet smaller e-commerce brands and scales them up. Smaller e-commerce brands often face many challenges. From working capital challenges to tough competition and rising advertisement costs, there is a lot to manage. Powerhouse91 uses growth capital, shared resources, and deep eCommerce-focused optimizations to grow the acquired brands and take them to the next level. All in all, powerhouse91 is all set to transform smaller e-commerce companies into big brands.
Powerhouse91 evaluates the businesses on the basis of the data like review data around sales, costs, marketing, and supply chain. When a brand meets the required criteria, Powerhouse91 proposes to acquire it by paying a multiple of its profits. The payment made by Powerhouse against acquisition varies from business to business.
Presently Powerhouse91 has acquired businesses including personal care brands, sports/fitness, and general wellness brands. As per the founders, the company has developed deep optimization techniques across various aspects like marketing, supply chain management, and product development, which helps it scale the acquired businesses.
Regarding the criteria for selection of a business, Powerhouse91 founder Aqib Mohammad said, “We look at fast-growing evergreen categories doing at least Rs 100+ crores in online GMV each, with further acquisitions and product launches across emerging categories such as home & kitchen, gardening & outdoors, and personal care to name a few. While the company is flexible in terms of revenue size and category of the brand for its acquisitions, product quality, and genuine customer love are the most critical factors in Powerhouse91’s decision-making process,”
Powerhouse91 – Founders
Powerhouse91 was founded in the year 2021 by Aqib Mohammed, Shashwat Diesh, and Nikhil Agarwal.
Aqib Mohammed
Powerhouse91 founder Aqib Mohammad is an IIT Roorkee graduate, and a serial entrepreneur. In 2015 Aqib co-founded Xolvr.com, an edtech startup dedicated to assisting students from classes 6-10. In November 2016, Powerhouse91 got acquired by Hyderabad-based ed-tech company Next Education India Pvt. Ltd. In 2018, Aqib co-founded feminine hygiene brand ‘Azah’ along with his ex-Snap Deal colleague Shashwat Diesh, and is still associated with the company as a co-founder. In 2021, Aqib along with Shashwat Diesh and Nikhil Agarwal founded Powerhouse91. Other than being an entrepreneur Aqib has also been associated with companies such as Next Education India Pvt. Ltd, Mobiport Inc., and Effy, as a tech guy.
Shashwat Diesh
An engineer by education, Shaswat started his career at Olacabs as an operations manager in 2013. In 2015, Shaswat joined Snapdeal, where he worked as the project manager of Snapdeal’s C2C platform Shopo. In 2016, Shashwat went on to co-found hyper-local digital OOH advertising platform Vheeler. Vheeler had a unique concept where ads were displayed on intra-city cabs, and the advertisements kept changing based on the location of the cab. Shaswat also co-founded Flossy, an FMCG startup that dealt in Sugar confectionery. In 2018, Shaswat co-founded Azah with Aqib, and later the duo founded Powerhouse91 in 2021.
Powerhouse91 Founders, Shashwat Diesh (left) and Aqib Mohammed(right)
Nikhil Agarwal
Powerhouse91 founder Nikhil Agarwal
Nikhil is a chartered accountant who has worked with brands like ABN AMRO, Standard Chartered Bank, and Bharti Enterprise. In 2018, Nikhil joined OYO as head of Corporate Development. Nikhil joined Powerhouse91 in 2021.
Powerhouse91 – Tagline & Logo
Powerhouse91’s tagline says, “We buy E-commerce Brands in India and take them to the Next Level.”
As per the company’s website, Powerhouse91’s Vision is to build the Next-Generation Global Consumer Brands by bringing in their expertise to scale. The company’s mission is, “to help e-commerce brands achieve their full potential while creating delight in millions of customers’ lives.”
Being a roll-up e-commerce platform, Powerhouse91 finds out high potential businesses and acquires them for a mutually agreed-upon sum of payment. As informed by the company, 70% to 80% of the payment is made in cash, at the time of signing of the final agreement. The remaining 20-30% of the payment is made based on the future performance of the acquired brand within a stipulated period of time.
Powerhouse91’s revenue model is simple. The company’s revenue comes from the revenue generated from the acquired businesses.
“We grow the brands, and we recover the value we invested in the brands,” says co-founder Aqib speaking about Powerhouse91’s revenue sources.
Powerhouse91 has raised 3 rounds of funding to date. Here are the funding details of Powerhouse91.
Date
Transaction Name
Money Raised
Lead Investor
August 31, 2021
Seed Round
–
FJ Labs
June 30, 2021
Seed Round
–
Crossbeam Venture Partners
February 27, 2021
Seed Round
–
Titan Capital
Powerhouse91 – Competitors
Though Roll-up e-commerce is new to India several companies have come up in this category. Here are some of the competitors of Powerhouse91:
Mensa Brands
Founded by ex Myntra CEO Ananth Narayanan, Mensa Brands is a Unicorn Company. Mensa Brands acquires local companies operating in Fashion, Beauty, and Personal Care Categories.
GlobalBees
Founded by Nitin Agarwal and Supam Maheswari, GlobalBees is yet another player in the roll-up e-commerce space that attained the unicorn status. GlobalBees acquires startups across categories like beauty, personal care, home & kitchen, food, nutrition, sports, lifestyle, etc.
10Club
10 Club was Founded in the year 2020 by Ex Lamudi CEO Bhavna Suresh, 22feet co-founder Deepak Nair, and Class 5 Global co-founder Joel Ayala. Similar to Powerhouse91, 10 Club also acquires e-commerce businesses that are popular across sites like Amazon and Myntra.
GOAT Brand Labs
Founded by seasoned entrepreneurs Rishi Vasudev and Rameswar Misra Goat Brand Labs acquires digital-first D2C brands in the lifestyle space.
EvenFlow
EvenFlow was founded in 2021 by ex-Uber executives Pulkit Chhabra andUtsav Agarwal. This is yet another player that acquires e-commerce businesses and scales them up.
Upscalio
Based in Gurugram, Upscalio was also founded in 2021. The founders of this roll-up e-commerce startup are Gautam Kshatriya (former McKinsey & Company consultant), Saaim Khan( ex Bain &Company consultant), and Nitin Agarwal (former Disney Hotstar and Purplle marketing and growth executive).
Powerhouse91 – Growth & Future Plans
Powerhouse91 has acquired around 20 brands to date. In an interview given in the year 2021, Powerhouse91 founder Aqib Mohammed and Shashwat Diesh said that the startup is aiming to grow its revenue to Rs 500 crore annually till 2024. The company has plans to acquire more brands from different categories. Powerhouse91 has developed many tools, processes, and frameworks that are used to grow the acquired brands 15 to 20 times within around five years.
While the company is still very new and exact data about Powerhouse91’s revenue is not revealed, as per the founders, that they have been successful in turning the acquired brands successful.
Powerhouse91 – FAQs
Who Invested in Powerhouse91?
Powerhouse91 has raised funding from Investors like Titan Capital, Crossbeam Venture Partners, and FJ Labs. Individual Investors Haresh Chawla, Maninder Gulati, Varun Alagh, and Sujay Tyle have also invested in the company.
How much funding has Powerhouse91 raised to date?
Though the exact amount of funding received is not known, Powerhouse 91 has raised 3 rounds of funding since its inception.
Who are the founders of Powerhouse91?
Aqib Mohammed, Shashwat Diesh, and Nikhil Agarwal are the founders of Powerhouse91.
