GlobalBees Faces Insolvency Proceedings Amid Vendor Dispute

Three individuals have filed a petition to start insolvency proceedings against GlobalBees Brands, a key subsidiary of FirstCry’s parent company, Brainbees Solutions, over a claim of Rs 65 crore. 

In a stock exchange filing, Brainbees said the plea was filed by the directors of Kuber Mart Industries, Ashutosh Garg, Paritosh Garg, and Manju Agarwal, for Rs 64.92 crore (excluding interest) related to the period from May 9, 2025, until the payment is made.

Read also- Quadria Group launches HealthQuad fund III with a corpus of $300 Mn

Notably, GlobalBees is an investor in Kuber Mart Industries, having infused Rs 50 crore in June 2022.

“… Ashutosh Garg, Paritosh Garg and Manju Agarwal, have together filed an application… against Globalbees Brands Private Limited,… before the Hon’ble National Company Law Tribunal, New Delhi Bench, for an alleged claim amount of Rs 64,92,38,997/- along with interest at the rate of 18% p.a. accruing from May 9, 2025 until the date of actual payment,” the filing said.

In its filing, Brainbees said the insolvency petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, along with Rule 4 of the related application rules. This section allows bankruptcy proceedings to begin if there's a default on a financial debt.

The filing stated that GlobalBees is "actively seeking appropriate" legal advice and taking all necessary steps to oppose the petition and protect its interests.

It also noted that the financial impact on the company can't be determined yet as it depends on the outcome of the proceedings and any legal challenges that follow.

About GlobalBees 

Founded in 2021 by Supam Maheswari, GlobalBees invests in and acquires D2C brands, following a Thrasio-style model. It partners with brands that offer consumer-driven products in niche segments like FMCG, sports, home decor, and lifestyle.

Backed by investors such as Lightspeed and SoftBank, GlobalBees has raised over $175 million so far and acquired brands like The Clownfish, andMe, and Candes Technology, among others.

Advertisment

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.