SoftBank-backed GlobalBees posts loss of Rs 6.15 Cr in FY23
The Thrasio-style unicorn’s revenue rose to Rs 64.6 crore, while total income was Rs 80.99 crore.
SoftBank-backed ecommerce rollup startuphas posted a standalone loss of Rs 6.15 crore in financial year 2022-23 compared to a loss of Rs 30 crore in the previous financial year.
The company reported a total revenue of Rs 64.68 crore from operations for FY23, compared to Rs 18.84 crore in FY22, on a standalone basis.
The Thrasio-style startup's total income was Rs 80.99 crore (Rs 36.26 crore in FY22), while expenses were Rs 141.57 crore (Rs 66.31 crore).
Founded in May 2021 by Nitin Agarwal and Supam Maheswari, GlobalBees turned a unicorn in 2021 after raising $111.5 million in Series B round led by Premji Invest.
The startup focuses on digital-first brands across fast-moving consumer goods, home organisation, sports, and lifestyle. It acquires and invests in these brands, which sell through direct-to-consumer channels and online marketplaces, to scale them to international businesses.
Several companies in India follow the ecommerce roll-up model popularised by US-headquartered Thrasio. While Mensa Brands acquires and scales lifestyle, beauty, and apparel brands, others like 10Club and UpScalio focus on home, utility, and other niche categories.
Meanwhile, in another development, house of brands Mensa has integrated three of its portfolio brands across lifestyle, food and beverage, and fashion on ONDC. The Tiger Global-backed startup will expand the availability of its brands on the protocol, starting with smart wearables brand Pebble, followed by other brands from its portfolio, across fashion, electronics, and gardening.
Edited by Swetha Kannan