GlobalBees Raises Stake In Solarista With INR 5.88 Cr Investment 

GlobalBees Raises Stake In Solarista With INR 5.88 Cr Investment 

SUMMARY

GlobalBees acquired an additional 22.5% stake in Solarista Renewables, which markets bags and rainwear under the brand name ‘The Clownfish’,for INR 5.88 Cr, in an all-cash deal.

This investment follows an agreement among shareholders made in April 2022,  bringing GlobalBees' total stake in Solarista to 75%, according to an exchange filing.

This investment comes just weeks after FirstCry’s parent company, Brainbees Solutions Limited, announced an investment of AED 50 Mn (approximately INR 114.1 Cr) in its UAE subsidiary, FirstCry Management DWC LLC.

GlobalBees, a subsidiary of kids-focused omnichannel retailer FirstCry, has increased its shareholding in Solarista Renewables, which markets bags and rainwear under the brand name ‘The Clownfish’, by acquiring an additional 22.5% stake for INR 5.88 Cr  in an all-cash deal.

This investment follows an agreement among shareholders made in April 2022,  bringing GlobalBees’ total stake in Solarista to 75%, according to an exchange filing.

Solarista Renewables reported a turnover of INR 34.18 Cr for the fiscal year 2023-24, a significant jump from INR 22.5 Cr in 2021-22. 

Besides, the deal was executed at arm’s length, indicating that it was conducted fairly, without any preferential arrangements between the involved parties.

This investment comes just weeks after FirstCry’s parent company, Brainbees Solutions Limited, announced an investment of AED 50 Mn (approximately INR 114.1 Cr) in its UAE subsidiary, FirstCry Management DWC LLC.

It’s worth mentioning that Brainbees Solutions managed to reduce its consolidated net loss by 31% in Q1 FY25, bringing it down to INR 75.68 Cr, compared to INR 110.42 Cr in the same period last year. 

Operating revenue saw a 10% increase, reaching INR 1,652.07 Cr, up from INR 1,496.93 Cr in Q1 FY24. 

However, FirstCry’s losses surged by 75% in the latest quarter compared to the previous quarter, rising from a loss of INR 43.26 Cr in Q4 FY24. Operating revenue also experienced a slight decline of 0.8%, from INR 1,666.85 Cr in the previous March quarter.

These figures represent the company’s first revenue disclosures since its public debut on the stock market, where its shares launched quietly on August 6 amid equity market volatility due to global headwinds. 

FirstCry’s IPO was subscribed at 11% on the first day, with employee bids leading the way. According to BSE data, the public offering received bids for INR 53.43 lakh shares against an available INR 4.96 Cr shares.

Currently, FirstCry’s shares are trading at INR 650, an increase of approximately 18.38% from its issue price of INR 549.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

GlobalBees Raises Stake In Solarista With INR 5.88 Cr Investment -Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

GlobalBees Raises Stake In Solarista With INR 5.88 Cr Investment -Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

GlobalBees Raises Stake In Solarista With INR 5.88 Cr Investment -Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

GlobalBees Raises Stake In Solarista With INR 5.88 Cr Investment -Inc42 Media
GlobalBees Raises Stake In Solarista With INR 5.88 Cr Investment -Inc42 Media
You’re in Good company