New Delhi: With new businesses or startups and their disruptive ideas, the world’s current industries are changing everyday. The best products are currently available to consumers at prices that are in line with the level of competition. Also, it is a challenge for startups to stick to the fast-paced environment and consolidate their positions in their respective markets.
As a result, many startups often experience control issues and disappear. But, Nitin Agarwal, a former senior corporate executive turned entrepreneur, is credited with creating one of India’s fastest unicorns. Let’s take a look at the incredible journey of Indian legend Nitin Agarwal.
Who is Nitin Agarwal?
Nitin Agarwal started GlobalBees in April 2021 and made it a $1 billion company by December the same year. After Mensa Brands, GlobalBees is an Indian roll-up e-commerce business that has achieved unicorn status in its industry.
What is GlobalBizz?
GlobalBees is a platform for investing. It’s built on US-based startup Therasio, one of the largest companies to acquire independent sellers on Amazon.
Within about half a year of the company’s inception, Agarwal built a portfolio for GlobalBees with diverse brands across sectors such as fashion, jewellery, wellness, personal care, lifestyle and eyewear.
Journey of Nitin Agarwal
After serving as President and Group CEO, CTO and Chief Digital Officer at Edelweiss Financial Services, Nitin Agarwal co-founded GlobalBizz with Supam Maheshwari, Founder of FirstCry.
Agarwal, an engineer who graduated from the prestigious Indian Institute of Technology (IIT) Delhi, began his career with Citibank and held positions such as chief operating officer for various companies before moving on .
He established two separate businesses. He founded GlobalBizz after serving as a corporate executive at the highly paid Edelweiss for over ten years.
After only three months of operation, Agarwal’s business received Series A funding of $150 million led by FirstCry and a few other investors. Premji Invest, the private equity firm of renowned billionaire Azim Premji, led a $111.5 million Series B funding round.
SoftBank and Steadview Capital are some of the additional investors in GlobalBees. The company was valued at $1.1 billion by December 2021, which is roughly equivalent to Rs 9,000 crore in April 2023.
All about GlobalBizz
GlobalBees, owned by Nitin Agarwal, owns over 55 brands in its portfolio and has invested in around 26 businesses. According to Agarwal, it now has an online store and plans to open ten more stores this year.
He continued by saying that GlobalBees today generates gross sales of between Rs 140 and Rs 150 crore every month. GlobalBees, one of the largest third-party cross-category retailers, has 22 accredited warehouses. By 2026, Agarwal wants the business to be profitable and have $1 billion in sales.