Continuing its portfolio expansion, rollup ecommerce unicorn has acquired the fitness equipment and accessories brand, Reach. The company is GlobalBees’s second investment in the sports category.
Founded in 2013 by Sumeet Ubhrani and Sonal Menghani, is a fitness equipment company that aims to promote fitness at home by renting out equipment and other accessories. Today, the company sells workout equipment such as weights and dumbbells, commercial gym equipment, leg massagers, and other accessories.
Within a couple of years, Reach has gained a huge market share across online marketplaces and has created a strong base of over five lakh customers across India, the company said in a press release.
“We are excited to partner with GlobalBees on our journey to create India’s top fitness company with a customer-first approach. GlobalBees is a recognised name in building digital-first brands. With their expertise in scaling brands, we’ll be closer to our vision to provide a world-class fitness experience to our customers while focusing on product innovation,” said Sumeet and Sonal, Co-founders, Reach.
According to an Expert Market Research report, the Indian sports and fitness goods market reached a valuation of $3.9 billion in 2020, and is expected to grow at a CAGR of 8.9 percent during 2022-2027.
“Reach has a strong growth trajectory, and we are confident to further establish them as a top-selling fitness brand. We plan to collaborate closely with the co-founders to make fitness more accessible, enjoyable and convenient,” said Nitin Agarwal, CEO, GlobalBees.
GlobalBees now has twelve brands in its portfolio, including The Better Home, andMe, Prolixr, Absorbia, Yellow Chimes, HealthyHey, Rey Naturals, Intellilens, The Butternut Company, Mush, and Strauss.
In the next three years, GlobalBees plans to invest in 100+ brands across verticals, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle, the company said.
Edited by Rajiv Bhuva and Kanishk Singh