Since the sale is secondary in nature, the money is not being pumped into FirstCry, i.e. existing stakeholders are selling their shares to new investors
FirstCry’s existing investor Softbank has offloaded and still retains over 30% of the company
The current captable change is a part of a larger $240 Mn round at a $2 Bn valuation and marks NIIF’s first investment in the digital startup ecosystem in India
Indian sovereign wealth fund National Investment & Infrastructure Fund (NIIF) has received a CCI nod to pump $100 Mn in Supam Maheshwari’s kids’ product marketplace FirstCry.
FirstCry’s existing investor Softbank, among others, has offloaded a part of its shareholding and still retains 30% of the company. Alongside NIIF, existing investor Premji Invest has also picked additional shares in the round.