Three family investment offices have picked up a stake in SoftBank-backed baby products firm FirstCry for Rs 435 crore ($52 million), the Economic Times reported on Monday. Separately, B2B e-commerce company Udaan is in talks to raise $200-250 million in an internal round, Entrackr reported.
Three family offices pick up SoftBank’s stake in FirstCry
Three family investment offices have picked up a stake in SoftBank-backed baby products firm FirstCry for Rs 435 crore ($52 million), the Economic Times reported on Monday.
Ranjan Pai’s (Manipal Group) MEMG Family Office, Harsh Mariwala’s (Marico) investment office Sharrp Ventures and Hemendra Kothari’s DSP family office have invested in the IPO-bound company by largely buying stakes from its largest investor SoftBank, according to the report.
Founded in 2015 by Supam Maheshwari and Amitava Saha, FirstCry has raised over $960 million from investors including SoftBank Vision Fund, Temasek, Chiratae Ventures, Vertex Ventures, and Elevation Capital, according to Tracxn. The firm is expected to go public next year.
Udaan in talks to raise a new round
B2B e-commerce company Udaan is in talks to raise $200-250 million in an internal round, Entrackr reported on Monday.
Backed by investors such as Lightspeed India Partners and GGV Capital, Udaan raised around $35-40 million in debt from growth-stage debt financing platform EvolutionX Debt Capital in November.
“Lightspeed and other internal investors have been contemplating to put $200-250 million equity capital in Udaan,” the report said, citing sources. “The terms of the deal are being finalised and may get completed in a few weeks from now.”
According to the report, Udaan has been trying hard to raise equity money for a while now. “Valuation is the key point of negotiation at the moment and Udaan may see a sharp haircut in its value in this round. It could be valued anywhere between $1-1.5 billion.”
It also counts Microsoft, Nomura, Samena Capital, DST Global, GGV Capital, Altimeter Capital, and Tencent among its investors.