“FirstCry, Backed by SoftBank, Aims to Secure $220 Million through India IPO”

E-commerce startup FirstCry is seeking to raise $218 million through issue of fresh shares in its initial public offering, the 13-year-old startup said in a draft prospectus filed with the market regulator Thursday, becoming the latest Indian startup to explore the public markets. FirstCry earlier sought to raise as much as $700 million in its Mumbai IPO, but deterred the plan as the market conditions worsened. Brainbees Solutions, the parent firm of online baby product marketplace FirstCry, said that some investors including SoftBank. The startup is eyeing a valuation of about $4 billion, down from previous $6 billion ambitions, according to a person familiar with the matter. FirstCry said it hadn’t set the price in its draft prospectus.

E-commerce Startup FirstCry Seeks to Raise $218 Million in Upcoming IPO

FirstCry, a Mumbai-based startup in the e-commerce industry, is making waves with its plans to raise $218 million through an initial public offering (IPO). The 13-year-old company recently filed a draft prospectus with the market regulator, making it the latest Indian startup to explore the public markets.

In the past, FirstCry had aimed to raise as much as $700 million in its Mumbai IPO. However, the company had to alter its plan due to worsening market conditions.

According to recent news, Brainbees Solutions, the parent company of FirstCry, intends to sell some of its shares through the IPO. This includes shares from investors such as SoftBank, NewQuest, and TPG. The startup is hoping for a valuation of about $4 billion, which is lower than its previous ambition of $6 billion. A reliable source familiar with the matter stated that FirstCry has not yet set the price for its IPO in the draft prospectus.

“We are excited to launch our IPO and open up new opportunities for investment and growth in the e-commerce sector,” says the CEO of FirstCry.

The FirstCry IPO is expected to be a highly anticipated event and could pave the way for other Indian startups to enter the public markets. Stay tuned for more updates on this developing story.

More to follow.