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GlobalBees Buzzes Forward with $18M Debt Injection from Avendus


GlobalBees, a Delhi-based e-commerce consolidation company, has secured $18 million in debt funding from Avendus, marking its third debt round since its establishment in 2021.


According to regulatory filings sourced from the Registrar of Companies, the company's board has approved the issuance of 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each, totaling Rs 150 crore or $18 million. These funds will be utilized to meet working capital requirements and general corporate expenses.


The non-convertible debentures carry an annual coupon rate of 14.5%. GlobalBees specializes in partnering with online-first entrepreneurs to scale direct-to-consumer (D2C) businesses globally and in India, particularly focusing on brands generating $1-20 million in revenue. They provide support in marketing, supply chain, R&D, and operations.


GlobalBees has previously raised over $270 million, with its Series B round of $111 million in December 2021 propelling it to unicorn status, valuing the company at around $1.12 billion. Both Series A and Series B rounds also included debt components of $75 million and $30 million, respectively.


FirstCry and its co-founder Supam Maheshwari hold a majority stake of 55.6% in GlobalBees, while Chimetech Holding, Premji Invest, and Lightspeed own 12.8%, 6.95%, and 6.57%, respectively.


In the fiscal year ending March 2023, GlobalBees saw its standalone revenue from operations increase by 3.4 times to Rs 65 crore, while its losses doubled to Rs 6 crore during the same period.


Competitors of GlobalBees include Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio, and Powerhouse91. Mensa Brands reported revenue of Rs 1,317 crore with a loss of Rs 329 crore in FY23, while Upscalio recorded revenue and losses of Rs 216 crore and Rs 78 crore, respectively, in the same period. Additionally, Mensa Brands secured $76 million in debt across two tranches in 2023.


 

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