Japanese multinational firm SoftBank is to invest USD 400 million in FirstCry, out of which USD 150 million has been invested.
January 23, 2019
Japan-headquartered telecom and internet multinational conglomerate SoftBank’s Vision Fund has committed to invest USD 400 million (that is equivalent to Rs. 2849 crores) in baby care and maternity products retailer FirstCry (Brainbees Solutions Pvt. Ltd.), out of which the tranche of about USD 150 million (Rs. 1068 crores approx.) has been invested already.
The resolution for the same was passed on January 18, regulatory documents show. Following this round of investment, FirstCry is estimated to be valued at around USD 850 million as per the calculations carried out by business intelligence platform Paper.vc.
It was in October last year that it was reported that the brand is in talks with the Chinese multinational corporation Alibaba, SoftBank Group Corp. and a few others to raise financial investments. Since the time of its inception, Pune-based retailer FirstCry has acquired investments from leading corporate firms such as Mahindra Group, Chiratae Ventures (formerly known as IDG Ventures India), New Enterprise Associates, SAIF Partners, Vertex Ventures and a few others to name.
Established in the year 2010 by Supam Maheshwari and Amitava Saha, FirstCry offers a diverse and comprehensive range of products from an array of brands including global names such as Funskool, Hotwheels, Medela, Pampers, Disney etc. The retailer has expanded its reach and presence with due course of time as it now has more than 300 stores in 125 cities. In 2016, FirstCry had bought Mahindra’s babycare business division BabyOye for about Rs. 362 crores. SoftBank has multifaceted business operations in broadband, fixed-line telecommunications, e-commerce, internet, technology services, finance, media and marketing, semiconductor design and other businesses.
