India is home to 81 unicorns now as Mamaearth, Globalbees make it to the list

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India is home to 81 unicorns now as Mamaearth, Globalbees make it to the list
BI India/Canva
  • On an average, India saw four startups turn unicorns on a monthly basis.
  • A unicorn, in startup parlance, is a company valued at over $1 billion.
  • GlobalBees raised $111.5 million, while Mamaearth raised another $80 million.
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India is now home to 81 unicorn startups after Mamaearth and GlobalBees made it to the list in the last few days of 2021. Both the companies, who work in the ecommerce space, have raised capital at a valuation of over $1 billion.

GlobalBees, on December 29, announced that it has raised $111.5 million in a round led by Premji Invest. The round also saw participation from new investor Steadview Capital as well as existing investors SoftBank and FirstCry. The company is valued at $1.1 billion.

The company runs on a Thras.io model, which is a New York-based e-commerce player that acquires small merchants and brands listed on Amazon marketplace. After the acquisition of Amazon sellers’ businesses, the brand scales them up.

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GlobalBees is founded by online baby product retailer FirstCry cofounder Supam Maheshwari and Edelweiss’ former president and group chief investment officer (CIO) Nitin Agarwal. It raised $150 million earlier this year.

Mamaearth, on the other hand, is a direct to consumer (D2C) brand that sells its beauty and personal care products both online and offline. The company has raised nearly $80 million (₹589 crore) as per regulatory filings. This appears to be a part of a larger round.

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According to Entrackr, which first reported the development, Mamaearth has raised the latest round at a valuation of $1.07 billion. The company was valued at $750 million earlier this year, when it raised $50 million.

Mamaearth was founded by Ghazal Alagh and Varun Alagh.

Business Insider has reached out to Mamaearth for confirmation.

India added 11 ecommerce companies to the unicorn club in 2021. This includes online car retailers CarDekho, Droom and Spinny, social commerce company Meesho, D2C brand Licious and another Thras.io-style startup Mensa Brands.

On an average, India saw four startups turn unicorns on a monthly basis.

Update:
Mamaearth on January 1 announced that it raised $52 million in a round led by Sequoia. The company was valued at $1.2 billion.
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