In leading global payments news, GlobalBees took home $ 150 million in a Series A funding round, while Razorpay said it acquired TERA Finlabs. Additionally, workers in the garment manufacturing industry in Bangladesh have been hit hard due to the economic impacts of the pandemic.
D2C GlobalBees Ecommerce Platform Achieves $ 150 Million Series A
GlobalBees, India’s consumer direct investment (D2C) platform, has landed $ 150 million in a Series A funding round led by FirstCry, with additional participation from Lightspeed Venture Partners. The turn is half in debt and half in equity. The upstart, who is based in Bengali, buys and collaborates with digital native brands in different industries. “GlobalBees is looking to partner with digital native brands in categories such as Beauty, Personal Care, Home, Kitchen, Food, Nutrition, Sports, Lifestyle, etc. with a revenue rate of $ 1 million to $ 20 million, “the company said in a statement. , according to a published report.
Razorpay acquires integrated finance start-up TERA Finlabs
Razorpay, India’s financial technology company for payments, announced Monday (July 19) that it had acquired TERA Finlabs. “TERA will provide its entire technology stack, risk management capabilities and integration solutions to create and activate a line of credit for Razorpay’s merchant network,” the company said in a statement, according to a released report. TERA Finlabs, headquartered in Bengaluru, is a subsidiary of GAIN Credit, a UK online lender. Razorpay says this is his third purchase in less than three years.
Factories shut down by COVID, canceled orders hit the garment industry in Asia
Workers in the garment manufacturing industry in Bangladesh have been hit hard due to the economic effects of the pandemic. The country’s clothing exports are believed to have increased by 12.55% in the 2020-21 fiscal year ending June 30, compared to last year’s figures, but the country fell short of its target of export. The pandemic is having a range of negative impacts on physical businesses, closing physical sites and making supply chains less expeditious.