Three investor board participants of GlobalBees, a FirstCry undertaking, resigned just weeks after CEO Nitin Agarwal stepped down, multiple human beings aware of the problem instructed YourStory .
Sudhir Kumar Sethi from Chiratae Ventures, Harsha Kumar from Lightspeed Venture Partners, and Kaveesh Chawla from Premji Invest have stepped down from the organization's board, the humans said, requesting anonymity.
In July 2021, Kumar and Sethi joined GlobalBees' board after participating in its $150 million collection. A funding round was led with the aid of FirstCry.
"Premji and Chiratae are shareholders of FirstCry, and they stay a part of FirstCry. Their exit is to comply with American rules," said someone aware of the matter.
SEBI's unpublished price-sensitive records (United States) guidelines aim to lower insider buying and selling by restricting those with access to private records from buying and selling a company's securities until the information is publicly disclosed and its effect is reflected in the market rate.
GlobalBees, FirstCry, Lightspeed, and Premji, whose investments did not without delay respond to queries shared by way of YourStory. Questions dispatched to Supam Maheshwari, co-founder of FirstCry, who also sits on the board of GlobalBees, did not elicit an immediate reaction. In the meantime, Chiratae Ventures declined to remark.
Nearly two weeks ago, GlobalBees' CEO and director Agarwal tendered his resignation from the Thrasio-fashion direct-to-purchaser (D2C) organization, mentioning "private reasons." Earlier in March, GlobalBees's chief commercial enterprise officer, Damandeep Soni, also left the business enterprise to pursue opportunities at AstroTalk.
With Agarwal's departure, Anuj Jain, formerly chief enterprise officer of FirstCry's preschool segment and SVP of advertising, is the main global emblem.
GlobalBees brands—founded with the aid of FirstCry founders Maheshwari and Agarwal in 2021, with an initial corpus of $seventy-five million, operate manufacturers throughout sectors like beauty and private care, accessories, and fitness center devices, which include joker and Witch, Haironic, and Strauss, among others.
Just a month ago, FirstCry authorized the infusion of Rs 146 crore into GlobalBees, waiting to close the funding in tranches over 12 months. The company clocked a consolidated turnover of Rs 1,209.35 crore in FY23..jpg)
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