FirstCry’s subsidiary, GlobalBees Brands Private Limited, has invested Rs 4.5 crore in Dynamic IT Solution Private Limited, acquiring a 24% stake in the company. Dynamic IT Solution, a firm established in 2002, is engaged in the design, development, trade, and supply of software, sports & fitness accessories, and related products under its brand “Strauss.”
GlobalBees’ investment represents another significant milestone for the SoftBank-backed ecommerce rollup startup. Earlier this year, in February, GlobalBees raised Rs 150 crore ($18 million) in a debt round from Avendus, issuing 1,500 non-convertible debentures (NCDs) at Rs 10 lakh each. The company’s strategic moves signal its aggressive expansion plans, both through acquisitions and internal growth.
Dynamic IT Solution, with its focus on the sports and fitness market, is a natural fit for GlobalBees, which has been scaling its portfolio through investments in high-growth businesses. The infusion of capital from GlobalBees will allow Dynamic IT Solution to expand its product offerings and operations.
In other recent developments, Brainbees Solutions, the parent company of FirstCry and GlobalBees, received a notice from Karnataka GST authorities related to a discrepancy in Input Tax Credit (ITC) for FY 2020-21. This issue pertains to mismatches between ITC claimed in GSTR-3B and reflected in GSTR-2A, as reported in the company’s regulatory filing.
In September 2024, GlobalBees increased its stakes in two other step-down subsidiaries of Brainbees—Frootle India Private Limited and Wellspire India Private Limited—by investing Rs 105.15 crore and Rs 1.05 crore, respectively.
The growing investment activities highlight GlobalBees’ aggressive strategy of expanding its presence across diverse sectors, strengthening its position as a leader in the Indian ecommerce and D2C (Direct to Consumer) space.
Credit: This article is based on information from Economic Times, Inc42, and YourStory.
Key Highlights:-
- GlobalBees invests Rs 4.5 crore to acquire a 24% stake in Dynamic IT Solution Private Limited.
- Dynamic IT Solution operates in the software and fitness accessory markets under the “Strauss” brand.
- GlobalBees raised Rs 150 crore earlier this year in a debt round from Avendus.
- Brainbees Solutions received a GST notice related to Input Tax Credit discrepancies for FY 2020-21.