AZB, IndusLaw act on SoftBank $400 million investment in FirstCry
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AZB, IndusLaw act on SoftBank $400 million investment in FirstCry

Bar & Bench

SoftBank is investing $400 million in Pune-based Brainbees Solutions, which operates online-first baby products retailer FirstCry.

AZB & Partners acted for SoftBank and the team was led by Partner Vinati Kastia along with Senior Associates Siddharth Sawhney and Anant Dang.

IndusLaw acted for Brainbees Solutions and the team was led by Partners Suneeth Katarki and  Winnie Shekhar along with Senior Associate Ankita Gupta and Associate Pavani Nath.

SoftBank is picking up an estimated 40% stake in the eight-year-old Pune-based venture, valuing it at $600-700 million. FirstCry’s founders – Supam Maheshwari and Amitava Saha – will retain 12-14% equity.

None of FirstCry’s existing backers, a list that includes Chiratae Ventures (formerly known as IDG Ventures India), SAIF Partners, Zurich-headquartered private equity fund Adveq and Vertex Ventures, are expected to exit their investments in the company, reported ET.

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