FirstCry, India’s biggest platform that is e-commerce mother and baby products, is aiming to raise $218 million through the sale of new shares in its initial public offering, almost a third of the $700m it had originally targeted.

Brainbees Solutions, the parent firm of online baby product marketplace FirstCry, wrote in a draft prospectus filed with the market that is local that some people including SoftBank, NewQuest and TPG intend to sell some stocks within the IPO.

The startup is eyeing a valuation of approximately $4 billion, down from the past $6 billion target this past year, based on people knowledgeable about the problem. FirstCry said it hadn’t set the cost with its draft prospectus. The book lead that is running appointed for the IPO include Kotak Mahindra Capital, Morgan Stanley, BofA Securities India, and JM Financial.

Founded in 2010, FirstCry plans to use the IPO proceeds towards expenditure for setting up new stores and warehouses, sales and marketing initiatives, investments in overseas and domestic expansion, technology costs, and inorganic growth through acquisitions. FirstCry offers over 1 million SKUs from over 6,800 brands. This includes major third-party Indian and international brands as well as FirstCry’s home that is own such BabyHug, Babyoye yet others.

Details of FirstCry’s investors, keeping at the very least 1%, at the time of Thursday. (Disclosure: FirstCry DRHP)

The startup additionally runs 180 pre-schools underneath the brand name FirstCry Intellitots across Asia. Brainbees in addition has broadened offshore by introducing FirstCry online platforms in UAE and Saudi Arabia. It obtained a big part risk in GlobalBees companies in 2021 in order to make opportunities in digital-first companies across categories beyond MBK.

FirstCry reported more than doubling its complete earnings to $688.4 million within the year that is financial March 2023, up from $302 million from the same period a year ago. This year, its losses had ballooned to $58.3 million, from $9.4 million from a year ago.(* in the financial year ending March

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