New Delhi: Roll-up e-commerce firm GlobalBiz has raised $111.5 million in Series B funding led by Premji Invest, valuing the company at $1.1 billion, the company said in a statement on Wednesday.
With this round of funding, SoftBank-backed GlobalBiz has entered the unicorn club as the company is valued at $1.1 billion. The round also saw participation from existing investors including SoftBank and FirstCry, while Steadview Capital became the latest investor to back the e-commerce platform.
In July, led by Firstcry and other investors, the company raised $150 million in Series A funding, a mix of equity and debt.
GlobalBees plans to use the proceeds to strengthen its product portfolio, expand its reach, accelerate its efforts for product innovation, customer experience, recruiting talent and scaling firms. The company is now over 100 people strong. It is in advanced talks with over 20 brands to strengthen its portfolio of acquisitions.
As per a news report, Nitin Agarwal, CEO, GlobalBiz, said, “One of our deepest aims is to create meaningful products across industries that meet the unique consumer needs. With this investment, we are poised to become India’s largest brand platform. We are a reputable company of exceptional founders who have built great companies online. With this influx of capital, we can work together to take these companies globally.”
GlobalBees, which was established in May 2021, has a portfolio of companies in homecare, beauty and personal care, nutrition and wellness, fashion jewelery and eyewear.
GlobalBees plans to invest in over 100 brands across all verticals over the next three years, including fast-moving consumer goods (FMCG), sports, home organizations and lifestyle.
The firm has offices in Delhi and Bangalore and has developed assets and expertise in marketing, technology, supply chain and logistics and product innovation.
,