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Two top executives from global technology investment firm GlobalBees have invested in consumer electronics startup Candes. GlobalBees CBO Damandeep Soni and CEO Nitin Agarwal have been nominated as directors of Candes. Vipin and Sandeep Agarwal, co-founders of Vedanta Electricals, have a long history in the consumer electronics industry. They have backed startups such as Yellow Chimes and Absorbia.
Yellow Chimes
The new investor, GlobalBees, is a technology company that aims to buy brands that sell online. The company is modeled after Thrasio Holdings, which pioneered the Thrasio model and boasted of 100 brands, with revenue of over $500 million. As part of its strategy, GlobalBees will partner with Indian entrepreneurs and brands to help them scale their digital impression and revenue.
Candes was founded by Vipin Agarwal and Sandeep Agarwal, both veterans of the Indian consumer electronics industry. They plan to sell everything from air coolers to laptops to TVs on major e-commerce platforms, including Amazon and eBay. The company will also offer B2B registration through GlobalBees, giving it an edge over rivals like Bombay-based Atomberg and major home appliance makers.
The company also plans to focus on capital efficiency and partners with digitally native brands with revenue rates of between $1 million and $20 million. GlobalBees believes this is a sign of a great product-market fit. In addition to its investments, the company is targeting the India market, where there is a growing number of small brands. According to data from Amazon India, nearly 120,000 new brands have been registered on its platform. By 2020, over four thousand brands will reach Rs 1 crore in sales. This trend could give the D2C sector a boost.
The investment is part of the company’s strategy to scale up amazing brands, which is a common theme for these investors. Its new investments in India include Premji Invest, an Indian tycoon’s company. GlobalBees Brands Private Limited is a Non-Governmental Company registered with the Registrar of Companies in Delhi and has a paid-up capital of Rs. 7 lakh. In addition, Trifecta Capital has invested $30 million as debt in the new round.
Absorbia
The consumer electronics company Candes was founded by Vipin Agarwal and Sandeep Agarwal, two entrepreneurs who had previously worked for Vedanta Electricals. The startup has developed an online store for home appliances, such as air coolers. Its products can be purchased from ecommerce giants like Amazon and Flipkart, but its product line also includes bulk buying for commercial spaces. Founded in 2013, Candes is positioned to compete with companies like Atomberg, which has been in the market for several years. Get latest funding news on Economic pitch.
Candes’ funding round comes as the startup looks to expand its brand portfolio in the consumer electronics sector. It has raised over $300 million so far, and has already secured funding from Premji Invest, which is controlled by Indian tycoon Azim Premji. The company’s Series B financing round, worth more than $1.1 billion, was led by Premji Invest, with existing investors including Steadview Capital and FirstCry. In addition to the existing investors, the startup has attracted $30 million in debt funding.
Candes, an early-stage tech startup story that sells smart watches, has recently raised a seed round from GlobalBees. The company aims to reach $1 billion in revenue by 2026 and has made investments in health supplements and intelligent eyewear. Its upcoming funding round will add another two dozen brands to its portfolio. GlobalBees also acquired Healthyhey, Rey Naturals, and Absorbia.
GlobalBees has previously invested in Candes and has plans to invest in over 30 other startups in the consumer electronics sector. The company has offices in the US, the UK, and India, and has more than a dozen companies already in its portfolio. The company plans to expand its product range, improve its technology, and expand their talent recruiting process. GlobalBees has a presence in the US and India and is currently working with 20 other companies.
Prolixr
In a move to strengthen its consumer business in India, GlobalBees has invested in Candes, a startup focused on bringing home appliances to the homes of Indian consumers. The startup, founded by Vipin Agarwal and Sandeep Agarwal of Vedanta Electricals, sells ceiling fans, air coolers, and mixer grinders. The company plans to expand its product line to include televisions and air conditioners in the coming years.
GlobalBees is led by Supam Maheshwari, who is a mechanical engineer and co-founder of FirstCry. Maheshwari previously founded Brainvisa Technologies and a venture capital firm called FirstCry. He will lead GlobalBees’ investment in Candes. GlobalBees previously invested in the consumer electronics startup Intellilens, which produces sunglasses to protect eyes from harmful ultraviolet rays from digital devices.
In a matter of three years, GlobalBees plans to invest in thirty to 35 companies in D2C categories. The startup has already acquired control of two other consumer electronics startups, Healthyhey and Rey Naturals. The firm also has stakes in Absorbia, a leading home care brand. Other recent investments include Prolixr, an millennial skincare company, and &ME, a company focused on women’s health.
The company’s mission is to help innovative digital businesses scale and expand to international markets. In addition to its consumer electronics investments, GlobalBees works with digital and e-commerce businesses to build their brand. The company also aims to accelerate the innovation process and recruit talent. In addition, the company already has over 100 members and is in advanced discussions with 20 companies. Its investments have the potential to grow into a multibillion-dollar venture.
In a recent Series B round, GlobalBees has raised a total of $290.7 million in debt and equity capital. The Series B round was led by Premji Invest, the Indian tycoon. Other existing investors in the startup include Steadview Capital and a2X Markets-backed Trifecta Capital. The latest round will further boost the company’s efforts to expand internationally.
Candes
GlobalBees is an investment firm that specializes in direct-to-consumer brand roll-up. It has a history of investing in health and wellness products and consumer electronics, as well as intelligent eyewear. The startup will acquire the teams and founders of three companies: Healthyhey, Rey Naturals, and Intellilens. In addition to Candes, GlobalBees will also invest in consumer electronics startups iZey, Atomberg, and InfraRed.
Candes is one of many new brands emerging from India. The company plans to reach $1 billion in annual revenue by 2026. It is partnering with merchants on e-commerce platforms to drive sales. It will also help those companies expand their sales outside of their home country. It has been working with over 100 companies to date, and has entered advanced talks with over 20 others. GlobalBees has previously invested in other consumer electronics startups in India.
The company plans to invest in 30 to 35 startups. The company will focus on fast-moving consumer goods and D2C categories. In a few years, it aims to invest in over 20 startups, and will partner with digitally-native brands across categories. Its strategy is modeled after the Thrasio model, which made it a unicorn with over 100 brands and $500 million in revenue. Startups in India have been replicating the Thrasio model, and GlobalBees is expected to follow suit.
The Ending Words
Candes has raised $110 million in funding from investors including Premji Invest, LightSpeed Ventures, and LightSpeed Capital. The company has raised over $1.1 billion since its Series A financing round last year. With this funding, GlobalBees is able to scale the company’s house of brands to serve consumers across the world. This investment will further boost its momentum as it aims to become a household name for the world’s consumers.
