SUMMARY
- GlobalBees has increased its ownership in Frootle India Pvt Ltd and Wellspire India Pvt Ltd.
- It has purchased an extra 23% stake in an all-cash deal for Rs 105.15 crore and Rs 1.05 crore, respectively.
- FirstCry disclosed that Frootle India Pvt Ltd and Wellspire India Pvt Ltd are operating independently.
Recently listed children-oriented omnichannel retailer FirstCry’s subsidiary GlobalBees has increased its ownership in Frootle India Private Limited and Wellspire India Private Limited by purchasing an extra 23% stake in an all-cash deal for a total of Rs 105.15 crore and Rs 1.05 crore, respectively.
Through this move, GlobalBees has increased its ownership in Frootle India Private Limited and Wellspire India Private Limited, raising its stakes from 51% to 74% in both entities, which are considered stepdown subsidiaries of FirstCry.
In a regulatory filing, FirstCry disclosed that Frootle India Private Limited and Wellspire India Private Limited are operating independently, with the parent company showing no further interest in these subsidiaries beyond their ownership stakes.
Frootle India and Wellspire India specialize in the home and kitchen appliances sector, offering products under the brands “Frootle” and “Wellspire,” respectively.
This development comes as Brainbees Solutions Limited, the parent company of GlobalBees, announced a financial investment of AED 50 million (Rs 114.1 crore) in its subsidiary in the UAE, FirstCry Management DWC LLC.
Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry operates as an omnichannel marketplace for baby and children’s products. Earlier in August, it was listed on the BSE and NSE at a 34% and 40% premium, respectively.
The company reported a consolidated net loss of Rs 75.7 crore on an operating revenue of Rs 1,652.1 crore during Q1 FY25.
In February, GlobalBees secured a debt funding of Rs 150 crore ($18 million) from Avendus. The company’s board authorized the issuance of 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each to raise the stated amount, as per the company’s regulatory filings with the Registrar of Companies.
