Led · Debt Financing · Feb 2024

Globalbees is a FirstCry subsidiary that completed the second tranche of its Series C2 funding round. In the latest tranche, the company allotted a total of 3,041 Series C2 compulsory convertible preference shares (CCPS), raising an aggregate Rs 100 crore. FirstCry subscribed to 2,220 Series C2 CCPS on September 11 at a face value of Rs 5 each and a premium of Rs 3,28,845 apiece, constituting a Rs 73 crore infusion. With the infusion, FirstCry’s holding in Globalbees increased from 51.12% to 51.51% on a fully diluted basis. The tranche falls under a board‑approved plan for FirstCry to invest up to Rs 146 crore in Globalbees in one or more tranches, under the Series C2 Share Subscription Agreement signed on March 30, 2025. The securities issued in this tranche were Series C2 CCPS, with existing shareholders receiving allotments alongside FirstCry. GlobalBees is a roll-up e-commerce platform that partners with entrepreneurs who build online D2C brands, providing funding and operational support in marketing, supply chain, R&D and operations. The company focuses on portfolio brands with roughly $1–20 million in annual revenue. Since its founding in 2021 and based in Delhi, GlobalBees became a unicorn in December 2021 after raising over $270 million, with a last reported valuation of $1.12 billion. Its standalone operations revenue rose 3.4X to Rs 65 crore in the fiscal year ended March 2023 while losses doubled to Rs 6 crore over the same period. Competitors include Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio, and Powerhouse91. Ownership is concentrated: FirstCry and Supam Maheshwari hold 55.6%, with Chimetech Holding, Premji Invest and Lightspeed holding material stakes. GlobalBees is a roll-up e-commerce company that invests in, acquires, and grows seller businesses across Amazon, Flipkart and other marketplaces. It functions as an aggregator of digital brands with the stated aim of transforming marketplace sellers into international brands. The company said it has secured $111.5 million in a Series B led by Premji Invest, valuing GlobalBees at $1.1 billion and entering the unicorn club. GlobalBees plans to use the proceeds to strengthen its product portfolio, drive product innovation, improve customer experience, hire talent and scale its companies. Founded in May 2021 and operating from New Delhi, the company says it is now more than 100 people strong and is in advanced talks with 20-plus companies to expand its portfolio. It aims to invest in 100-plus brands across verticals including FMCG, sports, home organisation and lifestyle over the next three years. GlobalBees acquires and partners with digitally native consumer brands across multiple categories and targets firms with revenue run-rates of $1 million to $20 million. The company has already acquired or partnered with more than a dozen brands that sell in India and outside the South Asian market. GlobalBees helps those brands scale distribution and sales on marketplaces such as Amazon and Flipkart and through other channels domestically and internationally. Founders Nitin Agarwal (formerly of Edelweiss Financial) and Supam Maheshwari (founder of FirstCry) aim to build a Thrasio-like house of digital-native brands. The company plans to create an online distribution and enterprise ecosystem similar to traditional offline firms, and not all brands will be acquired immediately—acquisitions can occur over a span of about three years. It announced a $150 million Series A to support its acquisition and scaling strategy.

Participated · Equity · Jul 2023

Veritas Finance focuses on the large and underserved MSME financing market across semi-urban and rural geographies. Started in Tamil Nadu, the company has expanded across eight states and one union territory with 285+ branches and services 115,000+ customers. As of March 31, 2023, Veritas reports AUM of INR 3,500 Crore+ and primarily provides secured small business loans with an average ticket size of INR 5 Lakh. The founder, D. Arulmany, brings 25+ years of experience building financial franchises. Veritas has scaled significantly over the last six years and built deep on-ground operating experience and market knowledge. The company plans to use fresh capital to enter new markets and to strengthen new product lines, including affordable housing loans. Veritas Finance is an Indian NBFC focused on providing loans to micro, small and medium enterprises (MSMEs). The company has an operational presence in eight states. Its core product offering is MSME lending across the markets it serves. The article reports a recent capital infusion, indicating active fundraising activity. Veritas secured primary investment through a Series F round. No revenue, user, or profitability metrics were disclosed in the article. Veritas Finance is a Chennai-based non-banking finance company that lends to micro, small and medium enterprises. It offers 3-4 products tailored to MSME credit needs, with an average cheque size of ₹4 lakh and five-year loan tenors. As of February 29, 2020 the company had a loan book of ₹1,308 crore, 48,638 customers and 1,840 employees, and reported net NPAs of 1.5%. Veritas operates 201 branches across eight states and Puducherry. The company plans to enter Maharashtra, Chhattisgarh and Bihar, initially opening 6–8 branches per new state and expanding further after 12–18 months. Management says it has reduced its cost of borrowing over the last five years and passed savings to customers, and has raised about ₹800 crore of debt from over 40 lenders. Including the latest round, Veritas has raised about ₹750 crore overall from investors. Veritas Finance is a Chennai-based non-banking finance company that provides loans to micro, small and medium enterprises for business expansion, working capital and asset creation. The firm plans to use the new funds to deepen penetration in its existing markets and support customer growth. Founded in 2015, Veritas has a loan book of ₹530 crore, a net worth of ₹430 crore, more than 21,000 customers and over 130 branches across seven states. The company disburses ₹40–45 crore per month and has a ₹300 crore debt line from 23 lenders. Management is monitoring the broader NBFC liquidity issues but expects conditions to ease in the next 4–5 months. Veritas Finance is an MSME-focused non-banking financial company offering long-term finance for business expansion and shorter-term working capital loans to micro and small enterprises. The firm typically offers loans with a normal tenure of five years and may provide higher amounts and longer tenures after assessing the business and requirements. Incorporated in 2015 and registered as an NBFC by the RBI in October 2015, Veritas began operations with initial capital of Rs 13.60 crore. It has raised multiple equity and debt rounds, including Rs 30 crore in Series A and Rs 120 crore in Series B, with cumulative fundraising of about Rs 300 crore prior to the latest debt. The company reports over 14,000 customers, around 700 employees, 68 branches and 100 micro‑centres across Tamil Nadu, Puducherry, Karnataka, West Bengal and Odisha. After its Series B it said it was on course to a loan book of Rs 330–350 crore by the end of FY18.

Led · Equity · Sep 2019

Zivame operates an e-commerce business selling lingerie, loungewear, swimwear, nightwear and fashion apparel and shifted from an aggregator model to private-labels in mid-2016. The company runs several private labels including Penny and Coucou and is managed by Actoserba Active. Funding is earmarked to boost retail presence, technology, product development and omnichannel initiatives, and the firm has signaled plans to raise a larger round later in the year. Zivame was founded in 2011 by Richa Kar. The company reported increased revenue and reduced its loss in the financial year 2017–18. According to media reports in the article, the company has raised $57.5 million to date. Zivame is an omni-channel lingerie start-up selling intimate wear across online and offline channels. The company offers over 3,000 exclusive designs and more than 100 sizes to serve a wide range of body types. Digital accounts for roughly 80% of its business, while it maintains 35 company-owned stores in Tier‑1 cities, distribution through over 800 mom‑and‑pop hosiery stores, placements in large-format stores like Shoppers Stop, and presence on popular marketplaces. The company plans to double its store count to 60, is exploring social commerce channels (Snapchat, Instagram, Facebook) and evaluating an MLM channel, and aims to become profitable by the fiscal end. Zivame intends to use new funding for retail expansion, technology augmentation, product development and to strengthen its omnichannel strategy. Financial filings show FY2017 revenue of ₹52.9 crore with losses of ₹57.6 crore, and FY2018 revenue of ₹86.6 crore with losses of ₹32.1 crore. Founded in 2011, Zivame positions itself as a destination for women’s intimate-wear needs. Zivame (Actoserba Active Wholesale Pvt Ltd) is a Bangalore-based e-tailer selling lingerie, loungewear, swimwear, nightwear and allied categories and has recently added fashion apparel. The company started operations in August 2011 and says it holds a lion's share of the lingerie e-commerce vertical, claiming to sell more than one bra per minute. Zivame runs several private labels, including Penny and Coucou, and reports that over 60% of its revenue comes from in-house products. The startup recently launched a mobile app with between 10,000 and 50,000 Android downloads and says close to 60% of its traffic comes from mobile. It has also launched a data sciences lab aimed at developing confidence-boosting affordable products. The company plans to use the new funding to expand marketing, merchandise, consumer touch points and technology infrastructure. Zivame, operated by Bangalore-based Actoserba Active Wholesale Pvt Ltd, is an online lingerie retailer that began operations in August 2011. The site sells lingerie, lounge wear, swimwear and nightwear, and has recently added fashion apparel. In an earlier report Richa Kar said the startup was growing 50% month-on-month, shipping 500–600 orders per day with an average transaction value above Rs 1,200. The company claims to acquire 20,000 new customers per month, with roughly 30% of buyers from tier II and III cities and about 50% monthly repeat buyers. Zivame is targeting sales of Rs 1,000 crore within four to five years. The business plans to use new funding to develop technology, improve personalization and recommendations, enhance visual merchandising, and increase marketing. Zivame is an online lingerie-only store that launched in August 2011 and is based in Bangalore, India. The site hosts more than 12,000 SKUs from domestic and international brands such as Jockey, Triumph, Amante, Enamor, Bwitch, Inaya, Hanes, Hollywood Fashion Secrets and Lovable. Led by CEO Richa Kar and CTO Kapil Karekar, Zivame sells branded lingerie through its e-commerce platform. The company intends to use new capital to add brands and products, scale its technology and operations, and create more consumer touch points. Its assortment of domestic and international labels positions it as a multi-brand online destination for lingerie.