SoftBank-backed Thrasio startup GlobalBees buys three more brands

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MUMBAI: GlobalBees Brands Pvt Ltd, which aggregates and invests in e-commerce brands, has acquired three more direct-to-consumer (D2C) brands in a bid to expand its product portfolio, the company said in a statement on Tuesday .

Style firm Thrasio, backed by PremjiInvest and Japanese SoftBank, bought stakes in The Butternut Company, a healthy snacks brand, Mush, a sustainable clothing brand, and Strauss, a sports equipment and fitness brand. fitness, the company said, without disclosing financial details of the transactions.

These acquisitions bring the total number of brands owned by the company since its inception in May of last year to 11.

The Butternut Company was founded in 2016 by Ankita M Kukreja, Sahil Kukreja and Suhail Pansare, and offers nut butters, chocolate spreads and healthy snacks. The brand focuses on plant-based proteins and heart-healthy fats suitable for people of all ages, including children and the elderly, and claims to have served over a million customers to date.

Strauss, also launched in 2016 by Deepak Sachdeva, offers more than 25 sports and fitness equipment products and claims to have ranked number one on Walmart-owned e-commerce sites Amazon and Flipkart.

Mush, meanwhile, sells eco-friendly bamboo bath towels and face towels. Founded by Ayush Agarwal and Nihar Gosalia in 2018, the brand has grown to over 50 storage units.

“These brands have a significant growth trajectory and a deep goal of creating meaningful products in categories that meet the unique needs of consumers. We plan to work closely with the founders to make these brands household names, ”said Nitin Agarwal, CEO of GlobalBees.

GlobalBees had acquired five D2C brands in November of last year. He took controlling stakes in Healthyhey, a maker of dietary supplements, Rey Naturals, a hair care brand and Intellilens, a eyewear brand for undisclosed amounts. She had also acquired Yellow Chimes, a costume jewelry brand, and Absorbia, a cleaning products brand.

Besides Softbank and PremjiInvest, GlobalBees is backed by renowned investors including Steadview Capital, Lightspeed India, Chiratae Ventures, Trifecta Capital and ChrysCapital, among others.

GlobalBees has announced plans to acquire more than 100 brands over the next three years in verticals including Fast-Moving Consumer Goods (FMCG), Sports, Home Organization and Lifestyle.

She recently became a unicorn, or a private company valued at over $ 1 billion, after raising $ 111.5 million in her Series B funding round led by Premji Invest. The company has become one of the youngest unicorns in the country and the second Thrasio-style company to join the club after Mensa Brands.

Founded by Agarwal last year, GlobalBees has offices in Delhi and Bengaluru, with departments in Marketing, Technology, Supply Chain & Logistics and Product Innovation, among others. By July, the company had raised $ 150 million in equity and debt in a Series A, led by FirstCry and other investors.

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