SoftBank sells a part of its stake in IPO-bound FirstCry for Rs 435 crore
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Three Indian family investment offices have reportedly acquired stakes in SoftBank-backed e-commerce firm FirstCry for about Rs 435 crore. These investors are Ranjan Pai's MEMG Family Office, Harsh Mariwala's Sharrp Ventures, and Hemendra Kothari's DSP Family Office, according to an Economic Times report. These investors have bought these stakes from SoftBank, as the Japanese firm is looking to reduce its stake in the e-commerce firm. According to the report, the investment firm, which held a 29 per cent stake in FirstCry, has reduced its stake by about 1.5 to 2 per cent.
FirstCry reportedly received an investment of Rs 250 crore from Pai on August 14.
Supam Maheshwari, chief executive of FirstCry, told ET that the company's early investors had been instrumental in its success, and the firm had helped deliver multi-fold returns to the investors. He welcomed new investors bringing with them an exceptional track record and knowledge of scaling up large successful businesses in India.
Other investors in FirstCry include Mahindra Retail, TPG, and Premji Invest. Mahindra Retail holds 12 to 13 per cent of the firm, while Premji Invest holds about 9 to 11 per cent.
The development has taken place at a time when FirstCry plans to go public by next year. SoftBank Vision Fund's managing partner and chief financial officer, Navneet Govil, has reportedly said that FirstCry is expected to file its draft papers by the end of 2023.
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