SoftBank-backed Thrasio startup GlobalBees buys three more brands

MUMBAI: GlobalBees Brands Pvt Ltd, that aggregates and invests in e-commerce brands, has acquired three more direct-to-consumer (D2C) brands in a bid to expand its product portfolio, the company said in a statement on Tuesday.

The Thrasio-style venture, backed by PremjiInvest and Japan's SoftBank, has bought stakes in The Butternut Company, a healthy-snack food brand, Mush, a sustainable clothing brand, and Strauss, a sports and fitness equipment brand, the company said, without disclosing financial details of the deals.

These acquisitions take the total number of brands owned by the company to 11 since its inception in May last year.

The Butternut Company was founded in 2016 by Ankita M Kukreja, Sahil Kukreja, and Suhail Pansare, and offers nut butters, chocolate spreads, and healthy-snack foods. The brand focuses on plant protein and heart-healthy fats suitable for people of all ages, including children and the elderly and claims to have served over one million customers to date.

Strauss, also launched in 2016 by Deepak Sachdeva, offers over 25 sports and fitness equipment products and claims to have ranked number one on e-commerce websites Amazon and Walmart-owned Flipkart.

Mush, meanwhile, sells eco-friendly bamboo textile bath towels, and face towels. Founded by Ayush Agarwal and Nihar Gosalia in 2018, the brand has expanded to more than 50 stock keeping units.

“These brands have a great growth trajectory and come with a deep purpose to build meaningful products across categories that address unique consumer needs. We plan to collaborate closely with the founders to make these brands household names," said Nitin Agarwal, chief executive officer at GlobalBees.

GlobalBees had acquired five D2C brands in November last year. It picked up majority stakes in Healthyhey, a dietary-supplements maker, Rey Naturals, a hair care products brand and Intellilens, an eyewear brand for undisclosed amounts. It had also acquired Yellow Chimes, a fashion jewellery brand, and Absorbia, a home care brand.

Besides Softbank and PremjiInvest, GlobalBees is backed by marquee investors including Steadview Capital, Lightspeed India, Chiratae Ventures, Trifecta Capital and ChrysCapital, among others.

GlobalBees said it aims to acquire more than 100 brands over the next three years across verticals including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle.

It recently turned unicorn, or a private company with over $1 billion in valuation, after raising $111.5 million as a part of its Series B funding round led by Premji Invest. The company became one of the youngest unicorns in the country and the second Thrasio-style company to join the club after Mensa Brands.

Founded by Agarwal last year, GlobalBees has offices in Delhi and Bengaluru, with marketing, technology, supply-chain and logistics and product innovation, among other departments. In July, the company had raised $150 million in a mix of equity and debt in a Series A, led by FirstCry and other investors.