Private Equity Private Equity Fund Investments
Lightspeed, others to invest $150-M in FirstCry's D2C spinout GlobalBees
Source Economic Times (opens in a new tab)TechCrunch, (opens in a new tab)
Mumbai-based GlobalBees, a "Thrasio-style" investment platform spun out from baby products retailer FirstCry, has raised USD 150 million in a 50:50 mix of equity and debt. The round was led by parent firm FirstCry with participation from Lightspeed Venture Partners. Vikas Agnihotri of SoftBank, Harsha Kumar of Lightspeed, Atul Gupta of Premji Invest, Sudhir Sethi of Chiratae Ventures and Kshitij Sheth of Chrys Capital will join the GlobalBees board as part of the deal.
GlobalBees looks to partner with digitally native brands across categories such as beauty, personal care, home, kitchen, food, nutrition, sports, lifestyle etc with a revenue rate of USD 1 million to USD 20 million. The company is already in the process of integrating around 10 digitally native brands in India.
Company website ↗ (opens in a new tab)
From the Venture Intelligence PE-VC Deal Database: Between Apr-11 and Mar-21, FirstCry had attracted over $800-M from investors including SoftBank Corp, TPG Capital, PremjiInvest, ChrysCapital, Kris Gopalakrishnan, Ratan Tata, Vertex, Valiant Capital, Chiratae Ventures, NEA and Elevation Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details, as well as the exits made by some of the investors.)