India’s sovereign wealth fund invests in FirstCry; SoftBank, others offload stake in secondary deal

Bengaluru: India’s sovereign wealth fund –The National Investment and Infrastructure Fund (NIIF) — has made its first bet on the country’s internet economy with ecommerce firm FirstCry, people aware of the matter said. NIIF has led a $240 million secondary funding round in FirstCry wherein it has bought shares worth $100 million in the Pune-based company, sources added.

FirstCry’s existing investor Premji Invest has also purchased additional shares in the company in the new round where SoftBank has sold the largest chunk of shares, people briefed on the matter said.

Chiratae Venture, Newquest Capital Partners have also sold parts of their holding in the company as part of the secondary financing.

ET had first reported about
NIIF being in talks with SoftBank-backed FirstCry for an investment in May last year. The deal has been approved by the Competition Commission of India (CCI) as well.

Firstcry had conducted a $315 million secondary share sale in March last year and the latest transaction marks investor exits of $555 million in the last one year.

When contacted, FirstCry didn’t immediately respond to ET’s query on Wednesday. FirstCry didn’t immediately respond to ET’s queries on Wednesday.

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