Home / Knowledge / News / Apparel/Garments / FirstCry acquires Mahindra BabyOye for Rs 362 crore
FirstCry acquires Mahindra BabyOye for Rs 362 crore
17
Oct '16
FirstCry, e-store for baby products owned by BrainBees Solutions has acquired the franchise division of Mahindra Retail that owns babycare business BabyOye for Rs 362 crore. Mahindra & Mahindra sold it on a slump sale basis and will continue to invest in the business that will now be conducted under the brand name FirstCry.com - A FirstCry Mahindra Venture.

“A business transfer agreement has been executed by and between Mahindra Retail Pvt Ltd (MRPL), a subsidiary of the company, Brainbees Solutions (FirstCry) and founder of FirstCry to transfer the franchise division of MRPL (BabyOye) as a going concern on a slump sale basis to FirstCry,” said Mahindra & Mahindra in a BSE filing.

The total lump sum consideration for the transfer of franchisee division on a slump sale basis is Rs 362.1 crore. FirstCry will issue shares worth Rs 354.6 crore to the company and will make a payment of 7.5 crore in cash.

“FirstCry additionally raises $34 million of new equity capital from the Mahindra group, Adveq (a Large Pvt Equity Fund), Kris Gopalakrishnan and participation from all existing shareholders,” added the filing.

Supam Maheshwari, founder of FirstCry, will continue as the CEO of the combined entity. Following the acquisition, FirstCry.com will have a parent base of over 4 million and a footprint of over 300 stores spread across 125 cities.

“I believe that the future belongs to click and brick businesses, and that consolidation is the way to thrive and establish industry leadership. We, at the Mahindra group, are therefore delighted to join hands with an innovative brand like FirstCry. I am optimistic that this consolidation of the strengths that both groups bring to the partnership will result in a winning proposition,” said Anand Mahindra, chairman and managing director of Mahindra group.

“We are delighted to partner with a prestigious business house like Mahindra, both as a retail brand and as an investor. Our partnership with the Mahindra group will bring in synergies that will help us scale and achieve our profitability goal much faster. Together, we will continue to scout for more opportunities for inorganic growth,” said Maheshwari.

Mahindra had acquired online kids retailer BabyOye in 2015 and had renamed the stores as Babyoye by Mahindra. (KD)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Beaulieu Yarns

Textiles | On 17th Jan 2018

Beaulieu Yarns unveils EqoBalance yarn at Domotex

Beaulieu Yarns, the supplier of high-quality synthetic polyamide and...

5.5% rise in US holiday retail sale, exceeds expectations

Apparel/Garments | On 17th Jan 2018

5.5% rise in US holiday retail sale, exceeds expectations

US holiday sales in November-December last rose by 5.5 per cent to...

West Bengal to showcase Metiabruz as RMG hub at BGBS 2018

Apparel/Garments | On 17th Jan 2018

West Bengal to showcase Metiabruz as RMG hub at BGBS 2018

To double exports of readymade garments (RMG) in the next three...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.8%
No
13.5%
Skip
17.7%

Total Votes: 96

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.5%
No
29.2%
Skip
7.3%

Total Votes: 96

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.5%
No
9.4%
Skip
3.1%

Total Votes: 96

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.3%
No
8.3%
Skip
9.4%

Total Votes: 96


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search