GlobalBees, a direct-to-consumer brand platform, has announced the acquisition of andMe, a femtech firm that focuses on women’s beauty and fitness products, hormonal health and menstrual health.
The acquisition was made for an anonymous amount and comes a month after GlobalBees bought The Better Home- a line of non-toxic home care products.
According to a statement by GlobalBees, the latest investment marks the firm’s entry into the women healthcare industry which was valued at USD 22.5 billion in the year 2020 and is slated to grow at a CAGR of 16.2% between 2021 to 2027.
Under the deal, andMe founders and over 15-member teams will join GlobalBees.
Commenting on the acquisition, Nitin Agarwal, CEO, GlobalBees, said that the company aims at accelerating andMe’s product development to build an entirely new category that focuses on meeting the needs of women from across the globe.
Incorporated in the year 2017 by Ankur Goyal, Bengaluru-based andMe focuses on extending plant-based, chemical, and preservative-free products that are made with no added sugar and help women tackle diseases like PCOS, UTI, thyroid, menopause, among various others.
Reportedly, nearly 70% of the company’s sales are from the top 5 cities in India, constituting small towns in the Eastern part of the country.
With close to USD 150 million in debt and equity it has secured during the Series A funding round in July’21, GlobalBees- a company established by FirstCry founders, together with Nitin Agarwal, is seeking to invest in close to 30 to 35 brands from different D2C categories, such as FMCG, lifestyle, home organization, sports, and others.
The aggregator model is gradually picking pace in India. Companies in this space purchase brands belonging to niche categories and help them expand their offerings and gain expertise across marketing, cataloging, product streamlining, warehousing, and distribution.
Some of the well-known names in this field include Flipkart, Goat Brand Labs-backed by Tiger Global, 10Club, and Mensa Brands established by former CEO of Myntra.