New Delhi, Dec 29 (IANS): GlobalBees, a leading roll-up e-commerce company, has secured $ 111.5 million in series B funding led by Premji Invest.

The round also saw participation from existing investors, including SoftBank and FirstCry, while Steadview Capital became the latest investor to back the company.

With this latest investment, GlobalBees' valuation stands at $ 1.1 billion.

The company plans to use the proceeds to further strengthen its product portfolio and expedite its efforts towards product innovation, customer experience, hiring talent and scaling companies.

The company is now 100 plus people strong. The company is in advanced talks with 20 plus companies to strengthen its portfolio of digital first brands.

Speaking on the development, Nitin Agarwal, GlobalBees CEO said, "With this investment, we are well set up to become India's largest brand platform."

GlobalBees was founded in May 2021 and has a diverse portfolio of companies across categories such as Homecare, Beauty and Personal Care, Nutrition & Wellness, Fashion Jewellery, and Eyewear in just 7 months. GlobalBees plans to invest in 100 plus brands across verticals over the next three years, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle.

The company has offices in Delhi and Bengaluru and has developed assets and expertise in marketing, technology, supply-chain & logistics and product innovation and more. In July 2021, the company raised $150 million in a mix of equity and debt in a Series A, led by FirstCry and other investors.

GlobalBees is an aggregator of digital brands that transforms marketplace sellers into international brands.