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GlobalBees Brands Private Limited, a subsidiary of Brainbees Solutions Ltd (which owns FirstCry), is facing an insolvency plea at the National Company Law Tribunal (NCLT), New Delhi.
Ashutosh Garg, Paritosh Garg, and Manju Agarwal, the directors of Kuber Mart Industries, have approached the NCLT, New Delhi bench, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) over an alleged default of Rs 64.92 crore. The claim includes interest at 18% per annum from May 9, 2025, until the date of actual payment.
Notably, GlobalBees is an investor in Kuber Mart Industries, having infused Rs 50 crore in June 2022.
The application is currently at the admission stage. According to a regulatory filing made by Brainbees on June 17, Globalbees is actively pursuing legal counsel and taking steps to oppose the petition, including contesting its admission. “The financial implication on the company cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges,” the filing stated.
Over the past few months, GlobalBees saw the resignation of three board representatives, including Harsha Deepak Kumar (Lightspeed), Sudhir Kumar Sethi (Chiratae Ventures), and Kaveesh Chawla (Premji Invest). The company’s chief executive, Nitin Agarwal, also stepped down from his role due to personal reasons. Agarwal was replaced by Anuj Jain, who joined the firm as the new CEO.
Globalbees was launched in 2021 as a Thrasio-style roll-up venture focused on acquiring and scaling digital-first consumer brands across categories like personal care, home, and nutrition. It has raised over $270 million in funding with the likes of SoftBank, Lightspeed, and Avendus.
In FY25, FirstCry group reported Rs 7,660 crore in revenue from operations while GlobalBees contributed Rs 1,577 crore (over 20%) to the total revenue.
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