FirstCry: Sovereign wealth fund invest, others offload stake in secondary deal
03 February 2022, Mumbai:
India’s sovereign wealth fund –the National Investment and Infrastructure Fund (NIIF) — has made its first bet on the country's internet economy with ecommerce firm FirstCry, people aware of the matter said.
NIIF led a $240-million secondary funding round in FirstCry, buying stock worth $100 million, sources told ET. The Pune-based company’s existing investor Premji Invest has also purchased additional shares in the company in the new round where SoftBank has sold the largest chunk of shares, people briefed on the matter said.
Chiratae Ventures and Newquest Capital Partners have also sold parts of their holding in the company.
SoftBank will still have around 30% in FirstCry parent Brainbees Solutions post this funding, people briefed on the matter said.
CREDITS: ET
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