GlobalBees Infuses INR 4.5 Cr Into Dynamic IT Solution

GlobalBees, a subsidiary of kids-focused omnichannel retailer FirstCry, has invested INR 4.5 Cr in Dynamic IT Solution Private Limited,  reflecting another acquisition made through the arm.

FirstCry in an exchange filing said, “Acquisition of further stake in the subsidiary Dynamic IT Solution Private Limited by GlobalBees Brands Private Limited pursuant to the Shareholders Agreement dated 15th December 2021.”

Dynamic IT Solution Private Limited is in the business of designing, developing, trading and supplying software, sports & fitness accessories and other sports and fitness products under the brand name Strauss.

For the financial year ending March 2024, Dynamic IT Solution recorded a turnover of INR 27.4 Cr and its net worth stands at INR 14.06 Cr. 

Alongside this development, FirstCry in another filing outlined that it has received a goods and service tax (GST) demand notice from the Karnataka GST authorities for the discrepancy in the input tax credit in the financial year 2020-21. 

Bairnbee Solutions in an exchange filing said, “The Company has received a notice from the Karnataka GST authorities for FY 2020-21 primarily pertaining to a discrepancy between Input Tax Credit (ITC) availed as per GSTR-3B and the ITC reflected in GSTR-2A.”

The company further underlined that it is addressing the notice with a detailed reconciliation and expects to resolve the matter satisfactorily in due course.

It is pertinent to note that in September Firstcry’s subsidiary GlobalBees significantly increased its stake in two stepdown subsidiaries of Brainbees Solutions namely Frootle India Private Limited and Wellspire India Private Limited.

The development follows Brainbees Solutions announcing an investment of AED 50 Mn (INR 114.1 Cr) in its UAE subsidiary, FirstCry Management DWC LLC. 

Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is an omnichannel baby and kids marketplace. It got listed on the BSE and NSE at 34% and 40% premium, respectively, earlier this month.

On the financial front, it reported a consolidated net loss of INR 75.7 Cr on an operating revenue of INR 1,652.1 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25).