Three family investment offices --- Ranjan Pai’s (Manipal Group) MEMG Family Office, Harsh Mariwala’s (Marico) investment office Sharrp Ventures and Hemendra Kothari’s DSP family office --- have acquired investment giant Softbank’s stake worth Rs 435 crore or around $52 million in kidswear startup FirstCry.
Softbank, which is Firstcry’s largest investor, has reportedly diluted its stake from 29% to 27-27.5% in the company.
The development comes a week after Manipal Group’s Chairman Ranjan Pai finalised to invest Rs 250 crore as part of the secondary share sale in the IPO-bound kidswear startup. Recently, It was reported that Ranjan Pai is also looking to invest in Byju's owned Aakash Educational Services (AESL) as well as online medicine marketplace Pharmeasy.
FirstCry, which last year turned into a public limited company as part of its plans to launch an IPO, recorded a 50% increase in revenue from Rs Rs 1,603 crore in FY21 to Rs 2,401 crore in FY22. The company, which marked its profit at Rs 216 crore in FY21, reported Rs 79 crore loss in the last fiscal.
Founded in 2010 by Amitava Saha, Prashant Jadhav, Sanskriti Hattimattur, and Supam Maheshwari, FirstCry offers a wide range of products for babies, kids, and mothers through online and physical retail stores.
DSP Family Office, Sharrp Ventures, Premji Invest, TPG Capital Asia, and Valiant Capital Partners are some of Firstcry's investors.