31th August 2021, Mumbai:
FirstCry’sGlobalBees, a Thrasio-style venture, has acquired sustainable home care products company The Better Home. This is the company’s first acquisition.
Prior to this acquisition, the company had raised $150 million in a mix of equity and debt in a Series A led by the parent company FirstCry and some of the ecommerce unicorn’s investors. Besides this, Lightspeed Venture Partners has also invested in GlobalBees in what is one of the largest Series A funding rounds in the Indian startup history.
Post the acquisition, the 15 member core team that built The Better Home will join GlobalBees and continue working towards the company’s initial goal. The Better Home products have so far been selling on Amazon and the company’s website.
The Better Home was launched by its parent company The Better India in 2020 by Dhimant Parekh, and is a D2C range of sustainable home-cleaners. The company claims to have made deliveries across 600+ cities and towns in India and reached over 70,000 customers in its first year of operations.
Founded by NitinAgarwal and SupamMaheshwari, GlobalBees invests in and acquires seller businesses on Amazon India, Flipkart and other ecommerce marketplaces. It is one of the early adopters of the Thrasio-like model in India.
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