Continuing its portfolio expansion, rollup eCommerce unicorn GlobalBees has acquired the fitness equipment and accessories brand, Reach. The company is GlobalBees’s second investment in the sports category.
Founded in 2013 by Sumeet Ubhrani and Sonal Menghani, Reach fitness is a fitness equipment company that aims to promote fitness 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.
According to an Expert Market Research report, the Indian sports and fitness goods market reached a valuation of $3.9 billion in 2020, and is expected to grow at a CAGR of 8.9 percent during 2022-2027.
“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”.Nitin Agarwal, CEO, GlobalBees
GlobalBees 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.
In the next three years, GlobalBees plans to invest in 100+ brands across verticals, including fast-moving consumer goods (FMCG), sports, home organization, and lifestyle, the company said.