fbpx
28.1 C
New Delhi
Friday, October 4, 2024

FirstCry’s GlobalBees acquires full stake in The Butternut Co with additional INR 8 Cr investment

Published:

GlobalBees, a subsidiary of FirstCry, has invested an additional INR 8 crore in D2C brand The Butternut Co, raising its stake in the healthy snack brand to 100%.

In͏͏ a͏͏ filing͏͏ to͏͏ the͏͏ stock͏͏ exchange,͏͏ FirstCry͏͏ announced͏͏ that͏͏ GlobalBees͏͏ made͏͏ the͏͏ additional͏͏ investment͏͏ to͏͏ acquire͏͏ a͏͏ 24%͏͏ stake͏͏ in͏͏ the͏͏ D2C͏͏ brand.

According͏͏ to͏͏ FirstCry’s͏͏ red͏͏ herring͏͏ prospectus͏͏ (RHP)͏͏ filed͏͏ on͏͏ August͏͏ 6,͏͏ GlobalBees͏͏ owned͏͏ a͏͏ 76%͏͏ stake͏͏ in͏͏ The͏͏ Butternut͏͏ Co,͏͏ while͏͏ co-founders͏͏ Sahil͏͏ Kukreja͏͏ and͏͏ Ankita͏͏ Kukreja͏͏ collectively͏͏ held͏͏ 24%.

Revenue͏͏ Surge͏͏ for͏͏ The Butternut Co:

According͏͏ to͏͏ the͏͏ RHP,͏͏ The͏͏ Butternut͏͏ Co’s͏͏ revenue͏͏ from͏͏ operations͏͏ for͏͏ the͏͏ financial͏͏ year͏͏ 2023-24͏͏ (FY24)͏͏ soared͏͏ by͏͏ 57%,͏͏ reaching͏͏ INR͏͏ 11.14͏͏ crore͏͏ compared͏͏ to͏͏ INR͏͏ 7.09͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.͏͏ The͏͏ startup͏͏ reported͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 1.61͏͏ crore͏͏ for͏͏ the͏͏ fiscal͏͏ year,͏͏ an͏͏ improvement͏͏ from͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 2.77͏͏ crore͏͏ in͏͏ FY23.

The͏͏ filing͏͏ indicated͏͏ that͏͏ The͏͏ Butternut͏͏ Co’s͏͏ net͏͏ worth͏͏ is͏͏ INR͏͏ 5.8͏͏ crore.

Founded͏͏ in͏͏ 2016͏͏ by͏͏ Sahil͏͏ and͏͏ Ankita͏͏ Kukreja,͏͏ The͏͏ Butternut͏͏ Co͏͏ offers͏͏ almond,͏͏ seed,͏͏ and͏͏ peanut͏͏ butter͏͏ variants͏͏ through͏͏ its͏͏ website.͏͏ GlobalBees͏͏ made͏͏ an͏͏ investment͏͏ in͏͏ the͏͏ startup͏͏ in͏͏ 2022.

At͏͏ that͏͏ time,͏͏ it͏͏ also͏͏ announced͏͏ investments͏͏ in͏͏ D2C͏͏ startups͏͏ HealthVit͏͏ and͏͏ Top͏͏ Gummy,͏͏ personal͏͏ care͏͏ brands͏͏ UrbanGabru͏͏ and͏͏ Urban͏͏ Yog,͏͏ and͏͏ the͏͏ lifestyle͏͏ brand͏͏ Kuber͏͏ Industries.

GlobalBees’͏͏ Expanding͏͏ Portfolio:

This͏͏ comes͏͏ days͏͏ after͏͏ GlobalBees͏͏ increased͏͏ its͏͏ stake͏͏ in͏͏ The͏͏ Clownfish,͏͏ a͏͏ brand͏͏ specializing͏͏ in͏͏ bags͏͏ and͏͏ rainwear.͏͏ On͏͏ September͏͏ 21,͏͏ the͏͏ company͏͏ announced͏͏ an͏͏ investment͏͏ of͏͏ INR͏͏ 5.88͏͏ crore͏͏ to͏͏ secure͏͏ an͏͏ additional͏͏ 22.5%͏͏ stake͏͏ in͏͏ the͏͏ startup.

Founded͏͏ by͏͏ Nitin͏͏ Agarwal͏͏ and͏͏ Supam͏͏ Maheshwari,͏͏ GlobalBees͏͏ invests͏͏ in͏͏ and͏͏ acquires͏͏ brands͏͏ that͏͏ sell͏͏ their͏͏ products͏͏ on͏͏ Amazon͏͏ India,͏͏ Flipkart,͏͏ and͏͏ various͏͏ other͏͏ e-commerce͏͏ marketplaces.͏͏ The͏͏ Thrasio-style͏͏ arm͏͏ of͏͏ FirstCry͏͏ also͏͏ includes͏͏ The͏͏ Better͏͏ Home,͏͏ andMe,͏͏ Absorbia,͏͏ Yellow͏͏ Chimes,͏͏ Prolixir,͏͏ Rey͏͏ Naturals,͏͏ Healthy͏͏ Hey,͏͏ Intellilens,͏͏ Strauss,͏͏ Mush,͏͏ and͏͏ Reach͏͏ in͏͏ its͏͏ portfolio.

Continue͏͏ Exploring:͏͏ GlobalBees acquires͏͏ additional͏͏ 22.5%͏͏ stake͏͏ in͏͏ Solarista͏͏ for͏͏ INR͏͏ 5.88͏͏ Cr

Strong͏͏ Revenue͏͏ Growth͏͏ for͏͏ GlobalBees:

GlobalBees͏͏ reported͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 324.5͏͏ crore͏͏ in͏͏ Q1͏͏ FY25,͏͏ a͏͏ 26%͏͏ increase͏͏ from͏͏ INR͏͏ 256.5͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ last͏͏ year.

During͏͏ the͏͏ quarter,͏͏ its͏͏ parent͏͏ company͏͏ FirstCry͏͏ reduced͏͏ its͏͏ consolidated͏͏ net͏͏ loss͏͏ by͏͏ 31%͏͏ year-on-year͏͏ (YoY)͏͏ to͏͏ INR͏͏ 75.68͏͏ crore.͏͏ Meanwhile,͏͏ operating͏͏ revenue͏͏ rose͏͏ by͏͏ 10%͏͏ to͏͏ INR͏͏ 1,652.07͏͏ crore,͏͏ up͏͏ from͏͏ INR͏͏ 1,496.93͏͏ crore͏͏ in͏͏ Q1͏͏ FY24.

Shares͏͏ of͏͏ FirstCry͏͏ closed͏͏ yesterday’s͏͏ trading͏͏ session͏͏ at͏͏ INR͏͏ 643.80͏͏ on͏͏ the͏͏ BSE,͏͏ reflecting͏͏ a͏͏ 2.9%͏͏ increase.

Continue͏͏ Exploring:͏͏ GlobalBees acquires͏͏ additional͏͏ 23%͏͏ in͏͏ Frootle͏͏ and͏͏ Wellspire͏͏ India,͏͏ raising͏͏ stake͏͏ to͏͏ 74%

Related articles

Recent articles

× Drop a, Hi?