Another Startup Faces Insolvency: What’s Going On Bw GlobalBees & Kuber Industries?

Insolvency tremors have hit yet another player in India’s startup ecosystem. This time, it’s GlobalBees—the high-profile, Thrasio-style startup known for acquiring and scaling D2C brands. Surprisingly, the blow hasn’t come from a disgruntled vendor or market pressures, but from within its own investment circle.

Kuber Mart Industries, a company that GlobalBees had backed with ₹50 crore in 2022, has now dragged it to the National Company Law Tribunal (NCLT), alleging a default of nearly ₹65 crore. The development adds to a series of internal shake-ups and growing concerns over the stability of roll-up commerce ventures in India.

Here’s a detailed look at what’s going on behind the scenes.

Kuber Industries Files Insolvency Plea Against GlobalBees

The legal jolt comes from three directors of Kuber Mart Industries—Ashutosh Garg, Paritosh Garg, and Manju Agarwal—who have filed a plea under Section 7 of the Insolvency and Bankruptcy Code, 2016 in the NCLT, New Delhi. They’re seeking the initiation of Corporate Insolvency Resolution Process (CIRP) against GlobalBees Brands Pvt Ltd over an alleged financial default of ₹64.92 crore, inclusive of an 18% annual interest from May 9, 2025, until final settlement.

At present, the case is at the admission stage, where the tribunal will decide whether to admit the application and begin formal proceedings.

Investor-Turned-Opponent? The Twist in the Tale

What makes this case particularly unusual is the history between the two parties. GlobalBees isn’t just a third-party defaulter—it’s an investor in Kuber Industries. Back in June 2022, GlobalBees infused ₹50 crore into the company, possibly as part of its strategy to scale promising consumer brands.

The ongoing dispute raises eyebrows over what exactly went wrong in the business relationship. Was there a fallout in expectations? Or has Kuber’s legal move been triggered by operational gaps or unmet deliverables?

For now, GlobalBees is gearing up for legal counteraction. In a regulatory filing dated June 17, its parent company Brainbees Solutions Ltd (which also owns FirstCry) stated that GlobalBees is pursuing legal counsel and will contest the admission of the petition.

“The financial implication on the company cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges,” the filing mentioned.

A Tumultuous Year: Exit of Key Board Members and CEO

The insolvency application comes at a time when GlobalBees has already been navigating leadership and investor exits. In recent months, three major board representatives stepped down:

• Harsha Deepak Kumar (Lightspeed)

• Sudhir Kumar Sethi (Chiratae Ventures)

• Kaveesh Chawla (Premji Invest)

Additionally, CEO Nitin Agarwal, one of the key faces of the company’s early growth, exited citing personal reasons. He has been replaced by Anuj Jain, who now takes over during one of the company’s most critical periods.

The timing of these exits—occurring in parallel with a potential legal crisis—may signal broader internal realignments or challenges in boardroom dynamics.

The Rise of GlobalBees: From Unicorn Hype to Courtroom Reality?

Founded in 2021, GlobalBees was among the first Indian startups to replicate the U.S.-based Thrasio model, acquiring high-performing D2C brands and scaling them under one umbrella. Operating across verticals like personal care, home essentials, and nutrition, GlobalBees made headlines for its aggressive acquisition spree and unicorn status, all within a year of launch.

Backed by deep-pocketed investors like:

• SoftBank

• Lightspeed Venture Partners

• Chiratae Ventures

• Avendus Capital

GlobalBees raised over $270 million in funding. It was seen as a modern-day brand factory, positioning itself to reshape the consumer goods landscape with digital-first thinking.

Financial Snapshot: A Key Revenue Contributor to FirstCry

Despite the present crisis, GlobalBees continues to be an important financial asset for FirstCry’s parent group. In FY25, the Brainbees group reported:

• ₹7,660 crore in revenue from operations

• Of which, GlobalBees contributed ₹1,577 crore, accounting for more than 20% of the overall income.

This underscores why any financial or legal disruption at GlobalBees could ripple through the larger FirstCry ecosystem.

What This Means for the Startup Ecosystem

This development paints a cautionary picture for India’s startup and D2C landscape. With multiple board exits, a CEO transition, and now a legal challenge from an investee company, GlobalBees’ situation is a case study in the risks of rapid scaling and complex deal-making.

It also puts the spotlight on India’s broader roll-up strategy. Once hailed as the next frontier of consumer business innovation, Thrasio-style models are now under scrutiny for their sustainability, operational alignment, and investor-founder cohesion.

For now, the ball is in NCLT’s court. If the plea is admitted, GlobalBees may enter the formal insolvency process, leading to further financial, reputational, and operational implications.

But one thing is clear: this isn’t just a legal fight—it’s a wake-up call for startups, investors, and founders alike. Business alliances need more than funding—they require clarity, alignment, and long-term commitment.