GlobalBees, the SoftBank-backed e-commerce rollup startup, has disclosed a standalone loss of Rs 6.15 crore for the financial year 2022-23, a significant improvement from the Rs 30 crore loss in the previous fiscal year. The company’s standalone total revenue from operations in FY23 reached Rs 64.68 crore, compared to Rs 18.84 crore in FY22.
Following the Thrasio-style approach, this startup reported total income of Rs 80.99 crore, an increase from Rs 36.26 crore in FY22. However, its expenses also escalated to Rs 141.57 crore from Rs 66.31 crore.
Founded in May 2021 by Nitin Agarwal and Supam Maheswari, GlobalBees achieved unicorn status in 2021 after securing $111.5 million in a Series B funding round led by Premji Invest.
GlobalBees specializes in digital-first brands spanning fast-moving consumer goods, home organization, sports, and lifestyle. The company’s strategy involves acquiring and investing in brands that operate through direct-to-consumer channels and online marketplaces, with the aim of scaling them into international businesses.
This model, known as the e-commerce roll-up, has gained popularity in India, influenced by the US-based Thrasio. Several Indian companies, such as Mensa Brands, 10Club, and UpScalio, have adopted similar approaches. These companies focus on acquiring and growing brands in various sectors, from lifestyle and beauty to home products and niche categories.
In a related development, the house of brands, Mensa, has integrated three of its portfolio brands, spanning lifestyle, food and beverage, and fashion, onto ONDC (Open Network for Digital Commerce). This Tiger Global-backed startup will expand the availability of its brands on the ONDC platform, starting with smart wearables brand Pebble, followed by other brands from its portfolio, covering fashion, electronics, and gardening.
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The e-commerce roll-up model continues to be a dynamic force in the Indian market, as startups like GlobalBees look to strategically consolidate and scale brands across various sectors, showing significant potential for growth and investment.
