The current investment has doubled the valuation of the leading omnichannel platform for baby, mother and kids.
March 30, 2021
A consortium of private equity investors – TPG, ChrysCapital, and Premji Invest – has invested around USD 315 million in Firstcry, valuing the omnichannel children’s retailer at around USD 1.9-2.1 billion, three people with direct knowledge of the deal said.
As reported in a leading daily, the Pune-based company will look to target a public market listing in 18-24 months, they said. The deal involves a USD 300 million secondary transactions, they added. There is also a small primary component of about USD 13 million from Premji Invest, regulatory filings showed.
“All three private equity investors have roughly brought in USD 100 million each,” said a person with direct knowledge of the development.
The early investors in the SoftBank-backed company, such as Elevation Capital (formerly SAIF Partners), Vertex Partners and MegaDelta Capital Advisors have sold their entire stakes as part of the latest transaction.
Also Read: FirstCry in talks to raise up to USD 200 mn
The current transaction has doubled the company’s valuation in less than 24 months — SoftBank Vision Fund had picked up 40% in FirstCry in 2019, valuing it at about USD 1.1 billion. The omnichannel retailer dedicated to baby and mother care products received USD 400 million in fresh equity from the Masayoshi Son-led fund as part of its Series E round.