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GlobalBees CEO Nitin Agarwal Steps Down; Anuj Jain Appointed as Successor

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GlobalBee

Nitin Agarwal, cofounder and CEO of GlobalBees-the e-commerce roll-up subsidiary of FirstCry-has resigned, effective April 24, 2025, citing personal reasons. Agarwal, who helped GlobalBees achieve unicorn status within months of its 2021 founding, will support the company’s transition until May 23, 2025.

Anuj Jain, a FirstCry veteran with over 23 years of experience and a background at ITC and L’Oréal, will take over as CEO from April 25, 2025. Jain previously led FirstCry’s pre-school segment and served as Senior Vice President of Marketing at Brainbees Solutions.

Agarwal’s departure follows several recent leadership changes within the FirstCry group. GlobalBees, which invests in D2C brands across various sectors, contributed ₹1,209 crore to FirstCry’s FY24 revenue, highlighting its strategic significance. With Jain’s appointment, the company aims to continue its strong growth in the D2C space.

Passionate about the entrepreneurial journey, I Konatham Abhishek shares the latest news on startups, founders, and funding, offering valuable insights and updates on the startup ecosystem.

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Startup News

Sarvam AI Unveils Bulbul V2: Speech Model Supporting 11 Indian Languages

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Sarvam

Sarvam AI, the Bengaluru-based GenAI startup selected by the Indian government to develop the country’s first sovereign large language model (LLM), has launched Bulbul V2-a speech AI model supporting 11 Indian languages, including Hindi, Tamil, Telugu, Marathi, Bengali, Punjabi, and Odia.


Bulbul V2 stands out for its natural, regionally authentic accents, delivering speech that sounds genuinely Indian rather than robotic or rehearsed. The model offers ultra-fast performance with a P90 latency of just 0.398 seconds, significantly faster than global competitors like ElevenLabs, and is priced at ₹15 per 10,000 characters-five times cheaper than leading alternatives. Brands can also customize voices to create unique audio identities.

This launch reinforces Sarvam’s mission to make AI accessible and inclusive for India’s diverse population. Alongside Bulbul V2, Sarvam is building India’s first sovereign LLM under the IndiaAI Mission, focusing on secure, scalable, and multilingual AI solutions developed entirely within the country using local talent and infrastructure

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Funding

Info Edge Delivers 36% Returns on Startup Investments

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Infoedge

Info Edge, the parent of Naukri.com, has achieved a 36% gross internal rate of return (IRR) on its startup investments since 2007, turning a total investment of INR 3,959 crore across 111 startups into a portfolio now valued at INR 36,855 crore-a nearly 9X gain. Early bets on Zomato and Policybazaar have been especially lucrative, with holdings in these two companies alone worth INR 31,500 crore as of March 2025.

The company’s investment strategy spans multiple vehicles, including the SEBI-registered Info Edge Venture Fund (IEVF), Info Edge Capital, and Capital 2B, with a combined fund corpus of INR 3,423 crore and Info Edge committing INR 1,614 crore. Early-stage investments now contribute 30-40% of the company’s overall value.

Info Edge’s Alternative Investment Fund (AIF) investments have yielded an IRR of 18.7%. Many portfolio companies, such as TrueMeds, Geniemode, Attentive.ai, and InPrime, have attracted follow-on funding from major investors like Accel, Peak XV Partners, and Tiger Global. Notably, BlueStone, the largest investment of Info Edge Capital, has filed for an IPO after securing investments from Prosus, Peak XV, and Steadview Capital.

Founder Sanjeev Bikhchandani emphasized the company’s focus on strong governance and financial controls, with a preference for value realization through public listings or strategic exits.

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Funding

Phab Raises $2M Seed Funding to Expand Healthy Snacking Brand

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PHAB

Phab, the D2C healthy snacking brand co-founded by Ankit Chona of ice cream brand Hocco and his wife Gayatri Chona, has raised $2 million (around ₹17 crore) in a seed funding round led by OTP Ventures, with participation from Capri Global, Sim&San law firm, and angel investors.

Founded in 2018, phab offers protein bars and healthy milkshakes, leveraging Ankit’s decade-long food industry experience and Gayatri’s expertise as a certified nutritionist. The brand has sold over 2 million units and sells through e-commerce and quick commerce platforms like Amazon, Flipkart, Zepto, and Blinkit.

Despite a 12% dip in operating revenue to ₹5 crore in FY24, phab trimmed its net loss by nearly 3% to ₹6.8 crore, showing improved efficiency.

The new funds will be used to expand the team, invest in production capacity, and grow phab’s presence across digital, quick commerce, and offline channels. The brand competes with Yoga Bar, Beyond Snack, and The Whole Truth in India’s growing $68 billion healthy snacking market. OTP Ventures’ founding partner Suhail Sameer praised phab’s bold, differentiated approach and the founders’ vision, signaling strong investor confidence in the brand’s growth potential.

 

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