Globalbees hikes stake in subsidiaries of Brainbees Solutions
The Thrasio-style startup has increased its stake in Frootle India and Wellspire India from 51% to 74%, with an investment of Rs 105.15 crore and Rs 1.05 crore respectively.
SoftBank-backed ecommerce rollup startup has hiked its stake in two stepdown subsidiaries of Brainbees Solutions Limited—Frootle India Private Limited and Wellspire India Private Limited—with an investment of Rs 105.15 crore and Rs 1.05 crore respectively,
With this, the Thrasio-style startup has increased its stake in both subsidiaries from 51% to 74%. The deals were in cash.
Both Frootle India and Wellspire India operate in the home and kitchen appliance category under the brand names 'Frootle'and 'Wellspire', respectively.
According to a BSE filing, Frootle reported a turnover of Rs 309.72 crore in FY24, while Wellspire clocked Rs 15.49 crore.
In February this year, GlobalBees raised Rs 150 crore ($18 million) in a debt round from Avendus. The board at GlobalBees passed a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each to raise Rs 150 crore, according to the company's regulatory filing sourced from the Registrar of Companies.
GlobalBees posted a standalone loss of Rs 6.15 crore in the financial year 2022-23, compared to a loss of Rs 30 crore in the previous financial year. Total revenue from operations was Rs 64.68 crore in FY23, compared to Rs 18.84 crore in FY22, on a standalone basis.
Edited by Swetha Kannan