FirstCry plans IPO to raise funds

15 April 2022, Mumbai:

E-commerce startup FirstCry.com plans to file an IPO this month to raise about $700 million in investments.

The online baby product marketplace aims to boost its value to at least $6 billion.

The IPO will include a listing of both new and existing shares.

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Led by Supam Maheshwari, Founder, FirstCry registered profits during the financial year ended March 31, 2021. It could turn its losses into gains with a shift to online shopping.

Formally known as BrainBees Solutions, FirstCry operates an online store featuring products for children and expecting mothers.

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It is backed by investors including TPG, SoftBank Group Corp., and PremjiInvest, the family office of Wipro. PremjiInvest plans to buy a stake in the company that was initially supposed to be bought by National Investment & Infrastructure Fund. The deal valued FirstCry at close to $3 billion.

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