FirstCry To Invest 167 Cr In Two Subsidiaries For International Expansion

Omnichannel kidswear brand FirstCry will invest INR 146 Cr (about $17 Mn) in its e-commerce business, Globalbees Brands Private Limited.

The investment will be made through the purchase of preference shares in Globalbees over the next 12 months, as stated by FirstCry’s parent company, Brainbees.

Globalbees, a subsidiary of FirstCry, acts as a brand aggregator, acquiring and growing a portfolio of direct-to-consumer (D2C) brands in categories like personal care, home care, fashion and lifestyle.

The investment will be made in multiple installments over the next 12 months, as stated by the company. 

It also announced the creation of FC Management, a fully-owned subsidiary in the United Arab Emirates, to offer management services.

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FirstCry will invest around Rs 21 Cr (~$2.4 Mn) in its fully owned subsidiary, Firstcry Management DWC LLC, UAE (FC Management), according to a company filing. 

The funds will be used to set up stores and warehouses in Saudi Arabia.

GlobalBees reported a consolidated turnover of Rs 1,209.35 crore in FY23-24, a 35% increase from Rs 897.1 crore the previous year. The company now has a net worth of Rs 1,095.89 crore. 

In another update, the company's Board approved the issuance of 8.69 lakh equity shares and the transfer of 8.03 lakh shares from the Brainbees ESOP Trust to eligible employees.

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