Globalbees Brands Private Limited, a material subsidiary of Brainbees Solutions Limited (FirstCry), has increased its investments in two step-down subsidiaries. The company invested ₹105.15 crores in Frootle India Private Limited and ₹1.05 crores in Wellspire India Private Limited, raising its stake in both entities from 51 per cent to 74 per cent.
The shares of Brainbees Solutions Limited were trading at ₹623.65 down by ₹8.55 or 1.35 per cent at 11.20 am today on the NSE.
These investments, made today, are part of a shareholder’s agreement dated April 23, 2022. Both Frootle and Wellspire operate in the home and kitchen appliances sector. Frootle India reported a turnover of ₹309.72 crores in the last financial year, while Wellspire India’s turnover stood at ₹15.49 crores.
The acquisitions align with FirstCry’s expansion strategy in the home appliance market. The company disclosed this information in compliance with SEBI regulations, emphasizing that the transactions were conducted at arm’s length.