The startup raised $110 million and reached a valuation of $1.1 billion.
Indian brand-scaling platform GlobalBees has raised $110 million in Series B funding, TechCrunch reports. As a result, the startup’s valuation reached $1.1 billion.
Indian investment firm Premji Invest is the lead investor. The round was also attended by Steadview Capital and longtime investors Lightspeed, SoftBank and FirstCry. Trifecta Capital provided an additional $30 million in loan.
The GlobalBees platform was founded in early 2021 by former employees of local investment firm Edelweiss Financial. The startup helps small businesses scale and sell products to e-commerce markets and channels in India and beyond South Asia.
In July this year, the GlobalBees team raised $150 million in a series A funding round. Startup founder Nitin Agarwal declined to comment on the new round.
“We have built and partnered with brands in the past and recognize that most of these brands grow to a scale that makes them too difficult to measure,” the startup founder told TechCrunch earlier this year.
According to SoftBank partner Vikas Agnihotri, India’s D2C market volume is expected to reach $200 billion in the next 5 years.
Recall that in November, Indian competitor GlobalBees d2c-startup Mensa Brands became a unicorn six months after launching. That same month, German e-commerce startup Razor Group hit a valuation of $1 billion a year after it was founded.
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