As Mamaearth and Globalbees join the list, India now has 81 unicorns

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After Mamaearth and GlobalBees joined the list in the final days of 2021, India now has 81 unicorn startups. Both eCommerce businesses have raised funding with a combined valuation of over $1 billion. 

 

On December 29, GlobalBees announced a $111.5 million funding round sponsored by Premji Invest. New investor Steadview Capital, as well as current investors SoftBank and FirstCry, participated in the round. The company has a market capitalization of $1.1 billion.

 

The business is modelled on the Thras.io model, which is a New York-based e-commerce startup that buys out small businesses and brands on Amazon's marketplace. The brand scales up Amazon merchants' companies after purchasing them.

 

Supam Maheshwari, co-founder of online infant supply retailer FirstCry, and Nitin Agarwal, former president and group chief investment officer (CIO) of Edelweiss, launched GlobalBees. Earlier this year, it raised $150 million.

 

Mamaearth, on the other hand, is a direct to consumer (D2C) brand that sells both online and offline beauty and personal care items. According to regulatory documents, the company has raised almost $80 million (589 crores). It appears like this is part of a broader circular.

 

Mamaearth has raised the latest round at a valuation of $1.07 billion, according to Entrackr, which broke the news first. When it raised $50 million earlier this year, the company was valued at $750 million.

 

Ghazal Alagh and Varun Alagh launched Mamaearth. Mamaearth has been contacted by Business Insider for comment. In 2021, India brought 11 new eCommerce startups to the unicorn club. 

 

This comprises online auto shops CarDekho, Droom, and Spinny, as well as Meesho, a social commerce company, Licious, a D2C brand, and Mensa Brands, a Thras. io-style venture.

 

Every week, four firms in India become unicorns on average.