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FirstCry Subsidiary GlobalBees Faces Insolvency Plea
- Three individuals have filed an insolvency petition against GlobalBees Brands, a subsidiary of FirstCry's parent company, Brainbees Solutions, for a claim amount of INR 65 Cr.
- The petition was filed for a claim amount of INR 64.92 Cr, excluding interest, related to the period between May 9, 2025, and the 'date of actual payment.'
- GlobalBees, in which Brainbees holds a 51% stake, invests in and scales direct-to-consumer (D2C) brands.
- The insolvency petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 and Rule 4 of the Insolvency and Bankruptcy Rules, 2016.
- GlobalBees is taking legal advice and measures to oppose the application to protect its interests.
- Founded in 2021, GlobalBees invests in D2C brands and has raised over $175 Mn in funding, backed by investors like Lightspeed and SoftBank.
- The company has seen multiple high-level departures, including its CEO Nitin Agarwal, chief business officer Damandeep Soni, and others in recent times.
- Several directors, including representatives of Lightspeed India, Chiratae Ventures, and Premji Invest, have resigned from GlobalBees due to potential conflict of interest.
- Brainbees has infused capital into GlobalBees, with a recent INR 73 Cr investment as part of a total INR 146 Cr fundraise to support its acquisition activities.
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