FirstCry in talks to raise up to $200 mn at a close $2 bn valuation
TPG Growth, Premji Invest and ChrysCapital are in advanced negotiations to acquire stakes in SoftBank-backed FirstCry as the retailer of baby products looks to raise $150-180 mn at a valuation of $1.8-2.1 bn, said people aware of the matter.
The transaction would double the company’s valuation in less than 24 months. SoftBank Vision Fund had picked up a 40% stake in the company in 2019, valuing it at about $1.1 bn. “Some of the company’s early backers might be looking to sell their stake, fully or partially,” said another person with knowledge of the development.
The final quantum or number of new investors is expected to get finalised soon, as is the stake dilution which is expected to be less than 10%. According to the people cited above, the company aims to go public in 24-36 months and wants to realign its capitalisation table before that.