154
/ 2
Min Read
Representatives from Chiratae Ventures, Lightspeed Venture Partners, and Premji Invest have stepped down from GlobalBees' board, according to the recent media reports.
GlobalBees, the Thrasio-style roll-up commerce venture backed by FirstCry, has witnessed the exit of three key investor board members, signaling continued shifts in its leadership and governance structure.
According to a report by YourStory, Sudhir Kumar Sethi of Chiratae Ventures, Harsha Kumar of Lightspeed Venture Partners, and Kaveesh Chawla of Premji Invest have stepped down from the company's board.
Sources familiar with the matter revealed that Chawla exited the board in September 2023, while Sethi left prior to the recent announcement of CEO Nitin Agarwal's resignation. Both Sethi and Kumar had joined the GlobalBees board in July 2021, after participating in its USD 150 million Series A funding round led by FirstCry.
The departures are reportedly in line with compliance protocols linked to SEBI's Unpublished Price Sensitive Information (UPSI) regulations, which are designed to prevent insider trading based on confidential corporate developments.
"Premji and Chiratae are shareholders of FirstCry, and they continue to be part of FirstCry. Their exit is to comply with UPSI rules," said a person aware of the matter.
A spokesperson for Premji Invest confirmed the development, stating, "As a matter of general practice, Premji Invest does not hold Board positions in listed companies or their subsidiaries. In line with this principle, Premji Invest had stepped down from the Board of FirstCry and GlobalBees, a subsidiary of FirstCry, several months ago."
These changes come on the heels of significant executive churn at GlobalBees. CEO and Director Nitin Agarwal resigned last month, citing personal reasons. Last year, Chief Business Officer Damandeep Soni also departed, later joining AstroTalk in March 2025. Currently, Anuj Jain, formerly SVP of Marketing at FirstCry, is leading GlobalBees' operations.
Founded in 2021 by Supam Maheshwari and Agarwal, GlobalBees operates a portfolio of D2C brands across categories such as personal care, fashion accessories, and fitness. The company recorded a consolidated turnover of INR 1,209 crore in FY23. Just last month, FirstCry approved an infusion of INR 146 crore into GlobalBees, to be disbursed over 12 months in multiple tranches.
