The baby and kids marketplace FirstCry Looking To File a $700 Mn IPO This Month
- ByStartupStory | April 14, 2022
According to sources familiar with the matter, e-commerce firm FirstCry.com is aiming to file for an initial public offering in Mumbai as soon as this month, with a valuation of $700 million.
According to the sources, the online baby product bazaar is seeking a valuation of at least $6 billion. They asked not to be identified since the material is confidential. According to the persons, the offering will comprise both new and existing shares, and a listing may happen as soon as this year.
According to the most recent company filings, TPG-backed FirstCry, managed by founder Supam Maheshwari, was profitable in the fiscal year ended March 31, 2021. It reversed the prior year’s losses as the pandemic hastened the shift to internet buying. It’s one of the few Indian firms that want to go public after becoming profitable on the ground.
The persons indicated that discussions are still ongoing and that the IPO’s parameters, such as size and timing, could change.
The company, which was previously known as BrainBees Solutions Pvt, operates an online store that sells items for children and expectant mothers. TPG, SoftBank Group Corp., and PremjiInvest, the family office of Wipro Ltd. founder Azim Premji, are among its investors.
Earlier this month PremjiInvest had stepped in to buy a stake that had been slated to be sold to India’s sovereign wealth fund National Investment & Infrastructure Fund Ltd. by an existing stakeholder. According to the people, the acquisition valued FirstCry at around $3 billion.
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