India’s Global Base raises 150 150 million to build Texas-branded Thrace-like house
The universe of Indian firms trying to replicate Thereso’s success in the world’s second largest internet market has just grown. The three-month Global Global said on Monday that it had raised million 150 million in a Series A financing round led by FirstCry.
Lights Speed Venture Partners also invested in a new financing round, worth 75 75 million in equity and 75 75 million in debt. Even with an increase in equity to 75 75 million, Monday’s announcement has made Global Base the largest Series A fund in India.
Founded by Sopam Maheshwari, former Eden Voice Financial’s Nitin Agarwal and founder of FirstCry, Global Base Digital Local Brands in categories such as Beauty, Personal Care, Home & Kitchen, Food & Nutrition, and Sports & Lifestyle Acquire and partner with. revenue 1 million to 20 million revenue income rate.
Agarwal told Tech Interch in an interview that the New Delhi-based startup then helps these firms sell on a large scale and in markets (such as Amazon and Flipkart) and through other channels outside the Indian and South Asian markets. Agarwal told Tech Introduction in an interview. He said GlobalBase has already acquired or partnered with more than a dozen brands and is selling in India and abroad.
“We have developed and engaged with brands in the past, and we have noticed that most of these brands reach a scale that makes it difficult to scale,” he said. “And I’ve been talking about spam for years, trying to find ways to ruin this market. We think there is an opportunity to create a new home for brands that are digitally local. “
Agarwal said Global Base will strive to create an online space distribution and enterprise ecosystem, just as traditional firms have established these connections in the offline world. “All the brands that are engaged with Globals will get it on the first day,” Agarwal said. Generally, some brands acquire in three years or more.)
Hersha Kumar, partner at LightSpeed Venture, said in a statement, “D2C brands have grown by more than half in the last few years in revenue from 0 to 100Cr (approximately $ 13 million).”
“We believe this creates a unique opportunity to build a brand house very quickly. Combining their past business pressures and their experience in building the largest e-commerce platform in India, the Sopam and Nitin duo are the perfect team to pursue this idea. Lights Speed is excited to be a part of this journey! Kumar, who is joining the board of Global Bases, said Kumar.
Many startups in India today are trying to replicate this, known as the Thracio Model. One such project by Mensa Brands, former chief executive of fashion e-commerce Mentra, recently raised million 50 million in equity and debt. Another similar start was made by 10 clubs recently raising million 40 million – although most of it is in debt. TechCanch reported last month that another prominent player in the space, Up Scale, was in talks with Germany’s Istra Group to increase its capital.
Like Thracio, many of these companies are trying to find brands that sell mid-range products in a category where competition is limited. In fact, some of the brands that are common to these brands have not been devalued, and even Amazon and other e-commerce companies have not explored them through their private label ecosystems.
Global Badge Agarwal agrees with this assessment, although he added that not all brands are working in odd categories.
New York-based Thracio, which has accumulated 1. 1.3 billion in equity and debt since December last year, acquired or stabilized nearly a third of 6,000 third-party sellers on Amazon earlier this year. What was
He said that India is facing a D2C revolution with an estimated market of 200 200 billion in the next 5 years. Indian brands have shown tremendous promise in recent years, and we believe that Global Base is building a huge asset to accelerate the growth of digital local brands in the country, ”said Vikas Agnihotri, Operating Partner, Softbank Investment Advisors. Said in a statement.
Agnihotri, along with Atul Gupta of Premji Investments, Sudhir Sethi of Chirate Ventures and Khetaj Sheth of Chris Capital are also joining the global base board.