Who Is Nitin Agarwal, IIT Delhi Alumnus Credited For Building Billion-Dollar Company In Just 7 Months And Having Net Worth Of Rs 9,000 Crore?

New Delhi: With the addition of new businesses or startups and their disruptive ideas, the current industries of the globe are changing daily. The best products are currently available to consumers at prices that are commensurate with the level of competition. Also, this is the challenge for startups, to cling to the fast-paced environment and solidify their positions in their respective markets.

As a result, many startups frequently experience control issues and disappear. But, Nitin Agarwal, a former senior corporate executive who became an entrepreneur, is credited with creating one of India's fastest unicorns. Let's have a look at the Indian veteran, Nitin Agarwal's incredible journey.

Who Is Nitin Agarwal?

Nitin Agarwal started GlobalBees in April 2021 and by December of that same year had grown it to a $1 billion company. After Mensa Brands, GlobalBees is an Indian roll-up e-commerce business to achieve unicorn status in its industry.

What is GlobalBees?

GlobalBees is a platform for investing. It is built on Thrasio, a US-based startup that is one of the largest companies acquiring independent sellers on Amazon.

Within around half a year of the company's founding, Agarwal created a portfolio for GlobalBees with a variety of brands in areas like fashion, jewellery, wellness, personal care, lifestyle, and eyewear.

Nitin Agarwal's Journey

Nitin Agarwal co-founded GlobalBees alongside Supam Maheshwari, the founder of FirstCry, after serving as President and Group CEO, CTO, and Chief Digital Officer at Edelweiss Financial Services.

Agarwal, an engineer who graduated from the esteemed Indian Institute of Technology (IIT) Delhi, began his career with Citibank before moving on to a career where he held positions like Chief Operations Officer for various companies.

He founded two different businesses. He founded GlobalBees after serving as a corporate executive for more than ten years at high-paying Edelweiss.

After only three months of operation, Agarwal's business received its $150 million Series A funding, led by FirstCry and a few other investors. The private equity company of renowned billionaire Azim Premji, Premji Invest, led the $111.5 million Series B funding round.

Softbank and Steadview Capital are a few of the additional investors in GlobalBees. The company was valued at $1.1 billion as of December 2021, which equates to just about Rs 9,000 crore in April 2023.

All About GlobalBees

 

GlobalBees, owned by Nitin Agarwal, owns over 55 brands in its portfolio and has invested in about 26 businesses. According to Agarwal, it now has one online store and intends to establish ten more this year.

He continued by saying that GlobalBees today generates shipped gross sales of between Rs 140 and Rs 150 crore each month. GlobalBees, one of the biggest third-party cross-category retailers, has 22 accredited warehouses. By 2026, Agarwal wants the business to be profitable and have $1 billion in sales.