After Byju's, Manipal Group's Chairman Ranjan Pai to invest Rs 250Cr in FirstCry

Ranjan Pai, the chairman of Manipal Group, is reportedly in talks to invest Rs 250 crore in FirstCry, a Softbank-backed babycare brand. 

According to an ET report, The development comes as part of a broader secondary share sale at FirstCry, which is currently valued at a near $3 billion.

FirstCry, backed by SoftBank, has been a preferred platform for countless parents across India, offering a diverse range of products for babies and kids. 

The report further added that other institutional investors are also eyeing a stake in the Pune-based babycare startup. The total share sale is estimated to be around $50-60 million, with Pai's contribution being Rs 250 crore.

Interestingly, FirstCry is on SoftBank's list of Indian portfolio firms set to go public next year. The brand has been one of the few e-commerce entities to report profits, although it did see a loss of Rs 79 crore in FY22, even as its operating revenue surged by about 50% to Rs 2,401 crore.

Recently, The chairman has finalized an investment in Byju’s test prep subsidiary, Aakash Institute.

Founded in 2015 by Supam Maheshwari and Amitava Saha, FirstCry is backed by marquee investors, including SoftBank Vision Fund, Temasek, Chiratae Ventures, Vertex Ventures and Elevation Capital.

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