Investment venture, based in New Delhi, GlobalBees has announced that it has secured $150 million in FirstCry led Series A funding round. The round saw participation from its existing investors and Lightspeed Venture Partners.
The announcement also informed that SoftBank’s Vikas Agnihotri, Harsha Kumar from Lightspeed, Atul Gupta of Premji Invest, Kshitij Sheth of Chrys Capital, and Sudhir Sethi of Chiratae Ventures will join the company’s board.
Speaking on the announcement, Nitin Agarwal, Co-founder and CEO, GlobalBees, commented, “GlobalBees aims to unleash the power of product innovation by Indian entrepreneurs and strategically partner with them to help them realise the full potential of their brand and products. Apart from capital, GlobalBees brings in strategic capabilities across marketing and growth, technology, distribution, sourcing, branding, warehousing, logistics, R&D, product development, and operations — all things essential to rapidly scale the brands in the digital space.”
Nitin further said, “We are looking to partner with founders who have built brands based on unique consumer insights. The funds raised will play a crucial role in helping us scale these brands globally.”
“India is at the cusp of a D2C revolution with estimated market size of $200 billion in the next five years. Indian brands have shown great promise in recent years, and we believe that GlobalBees is building great assets to accelerate the growth of digitally native brands in the country,” added Vikas Agnihotri, Operating Partner at SoftBank Investment Advisers.
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