FirstCry subsidiary Globalbees faces insolvency petition over ₹65 crore claim
Nitin Agarwal, who served as the CEO and director of Globalbees Brands, had recently stepped down from his role due to personal reasons.
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Globalbees Brands Private Limited, a material subsidiary of FirstCry’s parent company Brainbees Solutions Limited, is facing insolvency proceedings after three individuals filed a petition with the National Company Law Tribunal (NCLT), New Delhi Bench.
The application, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, has been submitted by Ashutosh Garg, Paritosh Garg, and Manju Agarwal. The petition alleges a default of ₹64.92 crore along with interest at 18% per annum, accruing from May 9, 2025, until the date of actual payment.
In a regulatory filing with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), Brainbees Solutions stated “Globalbees Brands Private Limited is actively seeking appropriate legal advice and undertaking all necessary measures to oppose the application (including at the admission stage), in order to safeguard its interests.”
The company also clarified that the financial implications cannot yet be determined, as the matter remains contingent on the outcome of the legal proceedings and any subsequent challenges.
Founded to build and scale digital-first consumer brands, Globalbees has been a significant player in the D2C space and is considered integral to FirstCry's broader retail and brand strategy.
Nitin Agarwal, who served as the CEO and director of Globalbees Brands, had stepped down from his role due to personal reasons. According to a regulatory filing, Agarwal officially ceased to be a director of Globalbees and a senior management personnel of Brainbees Solutions as of April 24.
Anuj Jain, who has been appointed as the new CEO of Globalbees Brands and designated as a senior management personnel of the company.
Jain served as the chief business officer (CBO) of FirstCry’s pre-school segment and senior vice president of marketing. A part of the company’s leadership team since July 2012, Jain brings over 23 years of industry experience, having previously worked at ITC and L'Oréal.
E-commerce roll-up firm GlobalBees last raised $18 million in a debt round from Avendus in February 2024. To date, the company has secured over $270 million in funding, including a $111 million Series B round in December 2021, which propelled it to unicorn status.
In FY24, the FirstCry group recorded a 15% year-on-year increase in revenue from operations to Rs 6,481 crore, with GlobalBees contributing Rs 1,209 crore to the group’s total revenue.
In May 2025, the Bureau of Indian Standards (BIS), Bengaluru Branch Office, raided FirstCry’s warehouse, operated by Brainbees Solutions Private Limited, for allegedly storing and selling substandard products
According to a release from BIS, during the raid, it was found that several product models were being stored and sold without valid BIS licenses. These products were found to be misusing the ISI mark and violating the conditions stipulated under the BIS license.
