The Thrasio model is the next big thing in the Indian startup ecosystem. In the latest financial event, Thrasio model-based GlobalBees has raised $150 million in a Series A funding event led by FirstCry.
GlobalBees Record-Breaking Funding Round
Three months old GlobalBees is a startup co-founded by Nitin Agarwal and FirstCry founder Supam Maheshwari. The firm has attracted Lightspeed Ventures and FirstCry as an investor in the new funding round. With the help of these two, GlobalBees raised a whopping $150 million in the Series A round. The startup has created a history in the Indian startup ecosystem with the biggest series A event. The closed financing round is a mix of debt and equity raises.
GlobalBees is collaborating with the digital brands working in different categories including personal care, food, lifestyle, home appliances etc and having revenue in the range of $1 million to $20 million.
After the collaboration, GlobalBees is helping these brands in scaling up their business further by advanced marketing techniques. The startup is also helping these brands in offering their products beyond the South Asian market.
As per GlobalBees claim, the startup has already acquired over a dozen brands. These brands are offering their services in India and outside of the country.
How GlobalBees will Create a House of Brands?
Talking about the latest development in GlobalBees, Agarwal said that there are several brands attached with FirstCry and they have reached a level from where it is difficult for them to grow further. Such brands require a pushup via extra resources and marketing tools.
Supam and Agarwal had the Thrasio model idea in their mind for the last few years. Co-founders believe that this is the right time to execute the idea and disrupt the market.
GlobalBees plans to create an enterprise ecosystem online similar to the offline market. The company further revealed that it’s a long process to bring brands on board. Some brands can be acquired on day one, while It might take two to three years to acquire other brands of its choice.
Lightspeed Ventures praised GlobalBees co-founders and the Thrasio model both. The investment firm feels that Supam and Nitin have enough experience to make the house of the brands’ idea successful. It is a unique opportunity for brands as well to grow faster by adding their experience with GlobalBees support.