New Delhi-based GlobalBees, an aggregator of digital brands, today announced its first acquisition, sustainable home care products company The Better Home. The Nitin Agarwal-led firm acquired 100 percent stake in the Bengaluru-based firm, entering the home care market.
The Better Home, which was founded in February 2020, offers natural ingredient-based home cleaning products. So far, the direct-to-consumer firm has been selling through online marketplace including Amazon and their own website, across more than 600 cities to over 70,000 customers.
With this acquisition, GlobalBees will scale this brand even further through marketing and product development, among other steps. The Better Home's 15-member team will join GlobalBees to continue the business.
“People, purpose, passion, and product define today’s brands and govern customer preference. The Better Home demonstrated the right mix of these, along with remarkable achievements. We, at GlobalBees, are excited to announce The Better Home as our first acquisition, and are committed to catapult it into an international brand,” said Nitin Agarwal, CEO of GlobalBees.
Following in the footsteps of US-based startup Thrasio, which acquires brands and provides them better economies of scale, many Indian entrepreneurs have been entering this space.
GlobalBees, which was founded in 2021, raised one of the biggest Series A rounds of $150 million, in July 2021, led by FirstCry. The mix of debt and equity fundraise also saw participation from Lightspeed India Partners and Chiratae Ventures, among others.
The firm is building a house of brands and aims to acquire domestic brands with a revenue rate between $1 million and $20 million, across categories including personal care, home, and kitchen. Myntra's former CEO Ananth Narayanan, with Mensa Brands, and Snapdeal's Kunal Bahl have also entered the same space.
The Better Home claims to have a 200 million reader-strong community, which can be used to scale the brand with GlobalBees' expertise in the field.
"A successful brand today needs the right blend of traditional business ethics and new age approach to marketing and sales to breakthrough. Being a part of the GlobalBees brand will skyrocket The Better Home's journey," said Dhimant Parekh, Founder of The Better Home
Edited by Teja Lele Desai
Link : https://yourstory.com/2021/08/thrasio-
Author :- Prasannata Patwa ( )
August 31, 2021 at 12:58PM
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