GlobalBees CEO Nitin Agarwal On Plans For The Startup To Impact The Consumer Economy And Reach $ 1 Billion In Revenue
GlobalBee, an investment platform modeled on Thrasio – who acquires sellers on Amazon and provides them with resources to develop their brand, is aiming to reach $ 1 billion in revenue by 2026 and turn into a profitable Start.
In an exclusive interaction with Your story during its flagship Brands from India Event, Nitine Agarwal, CEO and Founder of GlobalBees, shared the benchmark the startup has set for measuring success.
“If I had to give you some sort of rough figure, we’re looking to reach at least $ 1 billion in sales in five years and be a profitable business. These are the two benchmarks on which we measure ourselves, ”said the CEO.
Founded byfounder Supam Maheshwari and former Chairman and Chief Investment Officer of Edelweiss Group (CIO), Nitin Agarwal, GlobalBees is looking to partner with digital native brands in categories such as beauty and personal care, home, kitchen , diet, nutrition, sport and lifestyle. These marks must have a income rate between $ 1 million and $ 20 million, which, according to the company, is proof of product-market fit.
The startup then helps these brands grow, scale, and sell in markets such as Amazon and Flipkart, and through other channels.
Within three months, GlobalBees had succeeded in Raise Record $ 150 Million in Series A Funding tower directed by First Scream, Lightspeed Venture Partners, and others. The last round led to Vikas agnihotri by Softbank, Harsha Kumar the speed of light, Atul Gupta by Premji Invest, Sudhir Sethi of Chiratae Ventures, and Kshitij Sheth from Chrys Capital to join the Board of Directors of GlobalBees.
Nitin Agarwal, CEO of GlobalBees in conversation with YourStory Founder and CEO Shradha Sharma at the launch of YourStory’s Brands of India initiative
“Do not acquire 10 D2C brands”
Following the funding, the startup is said to be integrating more than 10 native digital brands in the country.
However, Nitin denied such a development, saying, “I think someone kind of imagined this in the night and this number. We’re not really counting numbers or talking about 10, 20, or 50 brands. We’re just looking agreement by agreement with so many good companies and entrepreneurs around us, ”he said.
The Thrasio-style model appears to have caught the attention of investors in India, who are increasingly looking to clone the business in the country. Thrasio is a New York-based digital consumer goods company that invests in, acquires and develops sales operations in markets such as Amazon through investments in technology, working capital, and marketing efforts.
In recent months, several other companies, including, , , and have entered into major funding agreements to tap the growing D2C market.
“We’ve come a long way from where we started in May. Whatever the initial goals we set for ourselves, we have already literally exceeded them twice. We will see many more exciting numbers to come, ”Nitin said.
The founder said it would take around three to four years to qualify GlobalBees as a successful model, and it will all depend on “launching the innovation engine,” which has otherwise been slow in the retail industry (physical ) consumption due to limited storage space. and therefore quick replacements.
“Innovations have been rare in retail. Whenever you want to innovate a product, you will be replacing one with another due to the limited space of the retail shelves. This did not allow the engine of innovation to become mainstream. Rather, our success would be to be able to take these innovations at scale and consolidate them as a globally scalable enterprise, ”said Nitin.
The company seeks to have an impact in at least three categories of the consumer economy to create large companies.
Better homes to scale
In its first transaction in August 2021, GlobalBees acquired the home care products company—The best house– an undisclosed amount. The brand, which was born from the digital content platform, The Better India, retails sustainable household products such as dishwashing liquid, household cleaners, air fresheners, laundry cleaners, etc. on their website and on, and claims to be present in 600 cities. GlobalBees has signed three more agreements, Nitin said.
GlobalBees is looking to expand the product line and expand the brand into international markets. He is betting on the growing demand for ecological and toxin-free household cleaning products and on community demand (The Better India). The brand reached a monthly turnover of Rs 1 crore in October 2020, just nine months after its launch.
“The Better Home symbolizes what consumers need today. We have realized where demand is moving and see huge potential in the segment. Dhimant and Anuradha (founders) will continue to manage the content as we help develop the brand and the product, ”said Nitin.
Brands from India is a YourStory initiative to catalyze the growth of India’s D2C economy. The initiative will bring together stakeholders from the D2C ecosystem, including brand builders, D2C startups, investors, businesses and policy makers, to discover, build and help daring entrepreneurs create an additional 500 Indian brands at over the next three years.
To learn more about this initiative and the D2C ecosystem, visit Marquesofindia.votrehistoire.com