GlobalBees, a leading roll-up e-commerce company, on Wednesday said it has invested an undisclosed amount in fitness equipment and accessories brand, Reach.
This is GlobalBees’s second investment in the sports and fitness category. It now has twelve brands in its portfolio including The Better Home, andMe, Prolixr, Absorbia, Yellow Chimes, HealthyHey, Rey Naturals, Intellilens, The Butternut Company, Mush and Strauss.
Sumeet Ubhrani and Sonal Menghani founded Reach in 2013 as a fitness equipment company that aims to promote exercise at home by renting out equipment and other accessories. Today, the company sells workout equipment, such as weights and dumbbells, commercial gym equipment, leg massagers, and other accessories.
Change in outlook since virus outbreak
Nitin Agarwal, CEO, GlobalBees, said, “There has been an increased use of smart machines and workout equipment as people’s outlook towards health and fitness have changed considerably since the COVID-19 outbreak. Reach has a strong growth trajectory, and we are confident to further establish them as a top-selling fitness brand. We plan to collaborate closely with the co-founders to make fitness more accessible, enjoyable and convenient.”
Reach has created a strong base of over 5 lakh customers across India and has a strong network of after-sales service technicians and is focused on building products at an affordable price range for every target product category.
In a joint statement , Sumeet Ubhrani and Sonal Menghani, Co-founders, Reach, said, “With GlobalBees expertise in scaling brands, we’ll be closer to our vision to provide a world-class fitness experience to our customers while focusing on product innovation.”
In the next three years, GlobalBees is looking at investing in 100+ brands across verticals, including fast-moving consumer goods (FMCG), sports, home organisation, and lifestyle, the statement added.