The firstcry.com is one e-commerce company for the baby product that was founded by Supam Maheswari in the year 2010. It was a complete online store till 2019 when it opened its first offline store in the city of Srinagar.
- The company was formerly known as Brainbees solution Pvt. Ltd.
- Industry:- E-commerce
- Major Investors:- PG, SoftBank Group Corp., and PremjiInvest, the family office of Wipro Ltd. founder Azim Premji.
Firstcry and Mahindra’s baby care deal
In the year 2016, firstcry took a major step by acquiring Mahindra’s retail brand Babyoye, for Rs362 crores. The deal was a stock transaction under which Firscry issued shares worth Rs355 crores to Mahindra and Rs7.5 crores in cash. This deal helped Firstcry acquire 180 franchise stores of Babyoye and created one of the largest omnichannel retail firms in the country.
Firstcry.com, on the route to raising funds through IPO
The online baby product marketplace, Firstcry.com backed by TGP, led by founder Supam Maheshwari is looking forward to filing for its IPO to raise $700 million, for a total valuation of at least $6billion.
The E-commerce start-up is expected to file for its paper as soon as the end of the current month. The issue is expected to include both fresh issues of shares couple of sales of shares by existing shareholders.
The firm turned profitable in March 2021 when the pandemic hit the market and shifted the focus to online shopping, The drastic change in the lifestyle of the people, aided the e-commerce company to turn profitable.
Details about the IPO like, issue size, price band, timing, and are yet to be known.