GlobalBees Faces Insolvency Plea at NCLT

GlobalBees is currently facing an insolvency plea lodged at the National Company Law Tribunal (NCLT) in New Delhi. This situation unfolds under the management of Brainbees Solutions Ltd, the parent company of FirstCry.

Details of the Insolvency Plea

Ashutosh Garg, Paritosh Garg, and Manju Agarwal, directors of Kuber Mart Industries, have submitted their request to the NCLT, aiming for initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. This plea is linked to an alleged default amounting to Rs 64.92 crore, which includes interest at an annual rate of 18% from May 9, 2025, until the payment is made.

Investment Relationship

It is worth noting that GlobalBees has invested Rs 50 crore in Kuber Mart Industries back in June 2022. The application regarding insolvency is currently in the admission phase.

Company’s Response

In a regulatory filing on June 17, it was disclosed that GlobalBees is actively seeking legal advice and taking measures to contest the petition, including opposing its admission. The filing indicated that the financial effects on the company remain uncertain, as they depend on the final outcome of these legal proceedings and any ensuing challenges.

Recent Leadership Changes

In recent months, GlobalBees experienced a change in its board, with the resignation of three representatives: Harsha Deepak Kumar from Lightspeed, Sudhir Kumar Sethi from Chiratae Ventures, and Kaveesh Chawla from Premji Invest. Nitin Agarwal, the company’s former chief executive, also resigned for personal reasons and was succeeded by Anuj Jain, who has taken on the role of CEO.

About GlobalBees

Launched in 2021, GlobalBees follows a Thrasio-style roll-up approach, focusing on acquiring and enhancing digital-first consumer brands across various sectors, including personal care, home, and nutrition. The company has successfully raised over $270 million in funding from notable investors such as SoftBank, Lightspeed, and Avendus.

Financial Performance

In the fiscal year 2025, the FirstCry group reported impressive revenue from operations amounting to Rs 7,660 crore, with GlobalBees contributing Rs 1,577 crore, representing over 20% of the total revenue.