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“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)
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