FirstCry's Global Bees Acquires D2C Brand The Better Home
GlobalBees had raised $150 million in a mix of debt and equity, in Series A round led by FirstCry and some of the other e-commerce unicorn’s investors. Lightspeed Venture Partners invested in GlobalBees in one of the largest Series A funding rounds in the Indian Startup.
Based in Bangalore, The Better Home was launched in 2020. It has a D2C range of sustainable home-cleaners. It has reached over 70,000 customers and has made deliveries across 600 cities in India.
The Better Home which is a 15 member core team, will join GlobalBees to continue working towards the company’s goal. The Better Home products have so far been selling on Amazon and its own website.
At present, there is a rise of smaller brands, with around 850K vendors selling on Amazon India. Out of them, around 4,152 crossed INR 1 Cr in sales in2020, according to Amazon. On Flipkart, there are around 350K sellers, of which 70 crossed INR 1 Cr in sales contributing towards the recent rise of Indian Thrasio styles startups.
GlobalBees was founded by SupamMaheshwari and Nitin Agarwal in New Delhi. It invests in and acquires seller businesses on Amazon India, Flipkart and other e-commerce marketplaces.
Thrasio was founded in 2018 in Massachusetts and is valued at close to $4 Bn. This e-commerce company acquires third-party sellers on Amazon in the US and helps them to scale further.
GlobalBees is looking forward to acquiring 30-40 D2C brands across categories. Between Q12020 and Q1 2021, the funding amount for D2C startups had witnessed a 93% growth.
Tiger Global, the New-York based investment firm has also backed a venture headed by Rishi Vasudev, the Flipkart veteran. GOAT Brands Labs, Tiger Global’s latest retail venture, will acquire lifestyle brands and help them grow online.