Manipal Group’s Ranjan Pai’s MEMG Family Office, Marico’s Harsh Mariwala’s investment office Sharrp Ventures and DSP family office of Hemendra Kothari have bought stakes in kids-focused omnichannel retailer FirstCry for a cash consideration of Rs 435 crore.
As per a report by ET, which reported the development first, the three family investment offices have acquired the stake from FirstCry’s largest stakeholder SoftBank.
The company has raised around $425 million to date. In February 2020, SoftBank invested around $300 million in FirstCry’s unicorn round. Following this, Softbank acquired around 40% stake in the company.
FirstCry offers a wide range of products for babies, kids, and mothers through online and physical stores.
FirstCry converted into a public company a year ago as it plans to go public. Entrackr had exclusively reported the development in April 2022.
FirstCry is yet to disclose its FY23 numbers. During FY22, the company’s revenue from operations surged nearly 50% to Rs 2,401 crore from Rs 1,603 crore in FY22. As per Fintrackr’s analysis, the company slipped into losses and recorded Rs 79 crore loss in FY22. During FY21, it posted Rs 216 crore profit.
Before FirstCry, a few startups including XpressBees and Credgenics have seen partial exits of early backers. In April, Elevation Capital sold a $40 million worth stake in XpressBees to Khazanah Nasional Berhad. Last week, early stage investor Titan Capital took partial exit from debt recovery and legal automation platform Credgenics with more than 100 fold return. Entrackr exclusively reported the development.