GlobalBees has increased its shareholding in both Frootle India Private Limited and Wellspire India Private Limited by acquiring an additional 23% stake, for INR 105.15 Cr and INR 1.05 Cr, respectively
With this investment, GlobalBees has increased its stake from 51% to 74% in both companies
Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is an omnichannel baby and kids marketplace
GlobalBees, a subsidiary of the recently listed kids-focused omnichannel retailer FirstCry, has increased its shareholding in both Frootle India Private Limited and Wellspire India Private Limited by acquiring an additional 23% stake, for INR 105.15 Cr and INR 1.05 Cr, respectively, in an all-cash deal.
With this, GlobalBees has raised its stake from 51% to 74% in Frootle India Private Limited and Wellspire India Private Limited — both stepdown subsidiaries of FirstCry.
In an exchange filing, FirstCry
said that both Frootle India Private Limited and Wellspire India Private Limited operate at arm’s length, with the group companies having no interest in these entities beyond their shareholding.
It is pertinent to mention that Frootle India and Wellspire India operate in the home and kitchen appliance category, selling products under the brands “Frootle” and “Wellspire,” respectively.
This comes at a time when Brainbees Solutions Limited, the parent company of GlobalBees, announced an investment of AED 50 Mn (INR 114.1 Cr) in its UAE subsidiary, FirstCry Management DWC LLC.
Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is an omnichannel baby and kids marketplace. It got listed on the BSE and NSE at 34% and 40% premium, respectively, earlier this month.
The company also reported a consolidated net loss of INR 75.7 Cr on an operating revenue of INR 1,652.1 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25).
