In a bid to reduce its shareholding in e-commerce platform, FirstCry, Japanese firm, SoftBank, has reportedly sold its stake to three Indian business family groups, reported Economic Times. As per the report, the investment firm has reduced its stake in FirstCry by about 1.5-2%.
FirstCry will go public by next year. SoftBank Vision Fund’s Managing Partner and CFO Navneet Govil said that FirstCry is expected to file its draft papers by the end of 2023, reported ET.
A week ago, the business website had reported that Manipal Group’s Chairman Ranjan Pai is in advanced stages of talks to acquire a stake in the e commerce pltform exclusively for kids and babies. He is expected to invest around ₹250 crore in FirsCry. Besides, FirstCry, Manipal’s Ranjan Pai is also mulling over to buy stake in PharmEasy and ByJu’s Akash Institute.
Besides SoftBank, its other significant investors are Premji Invest (with 9-11%), Mahindra Retail(12-13%) and TPG(6-7%).
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Updated: 21 Aug 2023, 07:21 AM IST