Latest unicorn GlobalBees shares its vision for the New Delhi-based house of brand’s future
In a recent conversation with YourStory’s Daily Dispatch, powered by HSBC, Nitin Agarwal, CEO, GlobalBees, talks about the company’s newest achievement of unicorn status and discusses future roadmaps.
Delhi-based house of brands — founded in 2021 — recently raised about $111.5 million in its Series B funding round led by Premji Invest, marking its entry into the coveted unicorn club.
GlobalBees helps scale up online-first D2C businesses by parenting with entrepreneurs in India and abroad.
Speaking to YourStory’s Daily Dispatch about its recent unicorn status, Nitin Agarwal, CEO, GlobalBees said the valuation is an aspect of the business. According to him, last year showed the opportunities that lie in India, with many entrepreneurs creating valuable business. GlobalBees, too, is extremely focused on building a large and valuable enterprise.
In terms of fund utilisation plans, GlobalBees will use the maximum amount of funds in investing and acquiring new brands. Besides, it will apply some of the funds in building the enterprise and its technology platform.
“It’s been probably less than six months since we started operating, so it’s a lot about foundation creation,” Nitin says on the company’s endeavours. He adds GlobalBees will focus on the growth of the companies it is investing in while continuing the journey of acquisitions, investments, and partnerships.
Nitin explains the valuations are all between the seller and the buyers regarding what values they are looking at. “It’s a broad spectrum where there are people who would take a very aggressive call on a portfolio, and there are some people who would not take an aggressive call on the portfolio,” he adds.
For GlobalBees, FMCG is one of the important focus sectors. Besides, nutrition, home and kitchen, merchandise, and fashion accessories are other important sectors. “We continue to evaluate other sectors; we keep a very top-down approach,” Nitin says.
Nitin shares any business model with opportunities will see a lot of traction and strong models and companies emerge from this. The house-of-brands model, he says, is as right for India as it is for any other country. The business idea helps certain brands scale their businesses under a powerful label.
He adds GlobalBees has a very category-specific focus in the coming months. “We’re looking at each of those categories creating an impactful portfolio from GlobalBees’ perspective,” says Nitin. Moreover, GlobalBees is looking at achieving billion-dollar revenue in the next three years, he shares.
Edited by Suman Singh