GlobalBees, an e-commerce startup, has raised Rs 150 crore, or $18 million, from Avendus in a debt round. Since its founding in 2021, the Delhi-based company has undergone three debt rounds.
According to GlobalBees’ regulatory filing, which was obtained from the Registrar of Companies, the board approved a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each in order to raise Rs 150 crore, or $18 million.
According to the filings, the company will utilize these revenues to cover general corporate expenses as well as its working capital requirements. The yearly coupon rate on the non-convertible debentures is 14.5%.
Roll-up startups such as GlobalBees collaborate with entrepreneurs who start their businesses online to expand D2C businesses in India and around the world. They give funding and assistance in marketing, supply chain, R&D, and operations, and they concentrate on companies with $1–20 million in annual revenue.
In December 2021, GlobalBees became a unicorn after raising over $270 million, including a $111 million Series B round. The business was last estimated to be worth $1.12 billion. Notably, the debt components of Series A and Series B were $75 million and $30 million, respectively.
FirstCry and Supam Maheshwari own 55.6% of GlobalBees, while Chimetech Holding, Premji Invest, and Lightspeed hold 12.8%, 6.95%, and 6.57% of the company, respectively, according to media.
Its standalone operations revenue increased 3.4X to Rs 65 crore in the fiscal year that ended in March 2023, while the company’s losses doubled to Rs 6 crore during that same period.
Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio, and Powerhouse91 are some of the competitors of GlobalBees. In FY23, Mensa Brands reported revenues of Rs 1,317 crore and losses of Rs 329 crore. In FY23, Upscalio reported revenue of Rs 216 crore and a loss of Rs 78 crore.
In 2023, Mensa also raised debt totalling $76 million in two installments.
