GlobalBees,͏͏ a͏͏ subsidiary͏͏ of͏͏ kids-focused͏͏ omnichannel͏͏ retailer͏͏ FirstCry,͏͏ has͏͏ increased͏͏ its͏͏ stake͏͏ in͏͏ Solarista͏͏ Renewables,͏͏ which͏͏ sells͏͏ bags͏͏ and͏͏ rainwear͏͏ under͏͏ the͏͏ brand͏͏ ‘The͏͏ Clownfish’,͏͏ by͏͏ acquiring͏͏ an͏͏ additional͏͏ 22.5%͏͏ for͏͏ INR͏͏ 5.88͏͏ crore͏͏ in͏͏ an͏͏ all-cash͏͏ transaction.
This͏͏ investment͏͏ comes͏͏ after͏͏ a͏͏ shareholder͏͏ agreement͏͏ made͏͏ in͏͏ April͏͏ 2022,͏͏ raising͏͏ GlobalBees’͏͏ total͏͏ stake͏͏ in͏͏ Solarista͏͏ to͏͏ 75%,͏͏ as͏͏ noted͏͏ in͏͏ an͏͏ exchange͏͏ filing.
Solarista’s͏͏ Growth͏͏ in͏͏ Revenue:
Solarista͏͏ Renewables͏͏ recorded͏͏ a͏͏ turnover͏͏ of͏͏ INR͏͏ 34.18͏͏ crore͏͏ for͏͏ the͏͏ fiscal͏͏ year͏͏ 2023-24,͏͏ marking͏͏ a͏͏ substantial͏͏ increase͏͏ from͏͏ INR͏͏ 22.5͏͏ crore͏͏ in͏͏ 2021-22.
Additionally,͏͏ the͏͏ deal͏͏ was͏͏ executed͏͏ at͏͏ arm’s͏͏ length,͏͏ indicating͏͏ that͏͏ it͏͏ was͏͏ carried͏͏ out͏͏ fairly,͏͏ without͏͏ any͏͏ preferential͏͏ arrangements͏͏ between͏͏ the͏͏ parties͏͏ involved.
Continue͏͏ Exploring:͏͏ GlobalBees acquires͏͏ additional͏͏ 23%͏͏ in͏͏ Frootle͏͏ and͏͏ Wellspire͏͏ India,͏͏ raising͏͏ stake͏͏ to͏͏ 74%
FirstCry’s͏͏ Investment͏͏ in͏͏ UAE͏͏ Subsidiary:
This͏͏ investment͏͏ follows͏͏ closely͏͏ on͏͏ the͏͏ heels͏͏ of͏͏ FirstCry’s͏͏ parent͏͏ company,͏͏ Brainbees͏͏ Solutions͏͏ Limited,͏͏ announcing͏͏ an͏͏ investment͏͏ of͏͏ AED͏͏ 50͏͏ million͏͏ (approximately͏͏ INR͏͏ 114.1͏͏ crore)͏͏ in͏͏ its͏͏ UAE͏͏ subsidiary,͏͏ FirstCry͏͏ Management͏͏ DWC͏͏ LLC.
Q1͏͏ FY25͏͏ Financial͏͏ Performance:
Notably,͏͏ Brainbees͏͏ Solutions͏͏ reduced͏͏ its͏͏ consolidated͏͏ net͏͏ loss͏͏ by͏͏ 31%͏͏ in͏͏ Q1͏͏ FY25,͏͏ bringing͏͏ it͏͏ down͏͏ to͏͏ INR͏͏ 75.68͏͏ crore,͏͏ compared͏͏ to͏͏ INR͏͏ 110.42͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.
Operating͏͏ revenue͏͏ grew͏͏ by͏͏ 10%,͏͏ reaching͏͏ INR͏͏ 1,652.07͏͏ crore,͏͏ up͏͏ from͏͏ INR͏͏ 1,496.93͏͏ crore͏͏ in͏͏ Q1͏͏ FY24.
However,͏͏ FirstCry’s͏͏ losses͏͏ jumped͏͏ by͏͏ 75%͏͏ in͏͏ the͏͏ latest͏͏ quarter͏͏ compared͏͏ to͏͏ the͏͏ previous͏͏ one,͏͏ increasing͏͏ from͏͏ INR͏͏ 43.26͏͏ crore͏͏ in͏͏ Q4͏͏ FY24.͏͏ Operating͏͏ revenue͏͏ also͏͏ saw͏͏ a͏͏ slight͏͏ decline͏͏ of͏͏ 0.8%,͏͏ down͏͏ from͏͏ INR͏͏ 1,666.85͏͏ crore͏͏ in͏͏ the͏͏ March͏͏ quarter.
These͏͏ figures͏͏ mark͏͏ the͏͏ company’s͏͏ first͏͏ revenue͏͏ disclosures͏͏ since͏͏ its͏͏ stock͏͏ market͏͏ debut,͏͏ with͏͏ shares͏͏ quietly͏͏ launching͏͏ on͏͏ August͏͏ 6͏͏ amid͏͏ equity͏͏ market͏͏ volatility͏͏ driven͏͏ by͏͏ global͏͏ headwinds.
FirstCry’s͏͏ IPO͏͏ was͏͏ 11%͏͏ subscribed͏͏ on͏͏ its͏͏ first͏͏ day,͏͏ mainly͏͏ led͏͏ by͏͏ employee͏͏ bids.͏͏ BSE͏͏ data͏͏ reveals͏͏ that͏͏ 53.43͏͏ lakh͏͏ shares͏͏ were͏͏ bid͏͏ for,͏͏ out͏͏ of͏͏ the͏͏ 4.96͏͏ crore͏͏ shares͏͏ available.
Currently,͏͏ FirstCry’s͏͏ shares͏͏ are͏͏ trading͏͏ at͏͏ INR͏͏ 650,͏͏ reflecting͏͏ an͏͏ increase͏͏ of͏͏ approximately͏͏ 18.38%͏͏ from͏͏ its͏͏ issue͏͏ price͏͏ of͏͏ INR͏͏ 549.
