SoftBank-backed FirstCry seeks to raise nearly $220 million in India IPO | TechCrunch – Techcrunch
FirstCry, India’s greatest e-commerce platform for mom and toddler products, is aiming to raise $218 million thru the sale of most contemporary shares in its initial public offering, almost a third of the $700m it had in the muse targeted.
Brainbees Solutions, the mummy or father company of online toddler product market FirstCry, wrote in a draft prospectus filed with the native market regulator that some investors including SoftBank, NewQuest and TPG notion to sell some shares as fragment of the IPO.
The startup is eyeing a valuation of about $4 billion, down from its old $6 billion target final year, in step with a person conversant in the topic. FirstCry acknowledged it hadn’t disclose the pricetag in its draft prospectus. The e-book working lead managers appointed for the IPO encompass Kotak Mahindra Capital, Morgan Stanley, BofA Securities India, and JM Financial.
Founded in 2010, FirstCry plans to utilize the IPO proceeds in opposition to expenditure for developing new stores and warehouses, gross sales and marketing initiatives, investments in in a single other nation and domestic expansion, abilities costs, and inorganic enhance thru acquisitions. FirstCry presents over 1 million SKUs from over 6,800 manufacturers. This comprises major third-event Indian and world manufacturers moreover FirstCry’s occupy dwelling manufacturers such as BabyHug, Babyoye and others.
Details of FirstCry’s shareholders, conserving as a minimum 1%, as of Thursday. (Disclosure: FirstCry DRHP)
The startup furthermore operates 180 pre-colleges under the note FirstCry Intellitots across India. Brainbees has furthermore expanded in a single other nation by launching FirstCry online platforms in UAE and Saudi Arabia. It furthermore bought a majority stake in GlobalBees Brands in 2021 to construct investments in digital-first manufacturers across classes beyond MBK.
FirstCry reported bigger than doubling its total income to $688.4 million in the monetary year ending March 2023, up from $302 million from the identical period a year ago. In the monetary year ending March this year, its losses had ballooned to $58.3 million, from $9.4 million from a year ago.
