02 April 2022, Mumbai:
NIIF-FirstCry deal falls through; Premji Invest to step in valuing etailer at $2.7-3 billion.
India's sovereign wealth fund National Investment and Infrastructure Fund’s proposed investment in FirstCry as part of a broader funding round of $240 million, has fallen through, sources told ET.
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ALSO READ FirstCry: Sovereign wealth fund invest, others offload stake in secondary deal
Existing investor Premji Invest will step in to purchase the stake which NIIF was on the right track to buy, these sources mentioned.
FirstCry’s funding spherical led by NIIF was permitted by the Competition Commission of India(CCI) in February.
RELATED NEWS FirstCry's GlobalBees acquires homecare products company 'The Better Home'
Interestingly, the secondary share sale will take place at a higher valuation of around $2-7-$3 billion, people briefed on the matter said. “SoftBank was among the biggest sellers in this secondary round but the deal has fallen through now.
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CREDITS: ET Pehal News News Explorer (The news article has not been edited by DFU Publications staff).
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