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GlobalBees Secured $18 million in Debt Financing from Avendus

E-commerce aggregation company GlobalBees has secured Rs 150 crore (approximately $18 million) in a debt financing round led by Avendus. This marks the third debt financing round for the Delhi-based firm since its establishment in 2021. According to regulatory filings obtained from the Registrar of Companies, the board of GlobalBees has approved the issuance of 1,500 non-convertible debentures at a price of Rs 10,00,000 each, totaling Rs 150 crore. The company intends to utilize the funds for its working capital requirements and to cover general corporate expenses, as stated in the filings. The non-convertible debentures carry an annual coupon rate of 14.5%.

Companies like GlobalBees collaborate with online-focused entrepreneurs to expand direct-to-consumer (D2C) enterprises both internationally and within India. Their target brands typically generate revenue ranging from $1 million to $20 million, and they provide financial backing along with assistance in areas such as marketing, supply chain management, research and development, and operational support. GlobalBees has amassed over $270 million in funding thus far, including a Series B round of $111 million in December 2021, which propelled it to unicorn status. The company’s latest valuation stands at approximately $1.12 billion. It’s worth noting that both the Series A and Series B rounds also included debt components, totaling $75 million and $30 million, respectively.

According to data from TheKredible, FirstCry, along with Supam Maheshwari, holds 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 a significant surge in standalone revenue from operations, increasing by 3.4 times to reach Rs 65 crore. However, during the same period, the company’s losses doubled to Rs 6 crore. GlobalBees faces competition from other players in the market such as Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio, and Powerhouse91. Mensa Brands reported a 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 fiscal year.

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