GlobalBees, an e-commerce roll-up company, has secured INR 150 crore ($18 million) in debt funding from Avendus. This marks the third debt round for the Delhi-headquartered firm since its establishment in 2021.
According to regulatory filings obtained from the Registrar of Companies, the board of GlobalBees has approved a special resolution to issue 1,500 non-convertible debentures at a price of INR 10,00,000 each, aiming to raise INR 150 crore or $18 million.
The funds raised will be allocated for meeting working capital needs and covering general corporate expenses, as stated in the filings. These non-convertible debentures offer an annual coupon rate of 14.5%.
Startups like GlobalBees collaborate with entrepreneurs who primarily operate online, expanding direct-to-consumer (D2C) enterprises both globally and within India. Their focus lies on brands generating $1-20 million in revenue, providing assistance in areas such as capital, marketing, supply chain management, research and development, and operations.
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To date, GlobalBees has secured over $270 million in funding, with its Series B round of $111 million in December 2021 propelling it to unicorn status. The company’s latest valuation stands at approximately $1.12 billion. It’s worth noting that both the Series A and Series B rounds included debt components of $75 million and $30 million, respectively.
According to the startup data intelligence platform TheKredible, FirstCry along with Supam Maheshwari holds 55.6% in GlobalBees while Chimetech Holding, Premji Invest, and Lightspeed command 12.8%, 6.95%, and 6.57% respectively.
In the fiscal year ending March 2023, the company witnessed a remarkable surge in standalone revenue from operations, soaring 3.4 times to reach INR 65 crore. However, during the same period, the company’s losses doubled to INR 6 crore.
GlobalBees competes with companies like Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio, and Powerhouse91. In FY23, Mensa Brands reported a revenue of INR 1,317 crore alongside a loss of INR 329 crore. Meanwhile, Upscalio recorded revenue of INR 216 crore with a loss of INR 78 crore in the same fiscal year.
In 2023, Mensa also raised $76 million in debt across two tranches.
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