 "NIIF drops investment in TPG-backed e-commerce startup FirstCry: Report")
India’s sovereign wealth fund has scrapped plans to invest in FirstCry.com, an e-commerce startup backed by TPG, people familiar with the matter said.
The country’s National Investment & Infrastructure Fund Ltd. pulled out of a deal to buy a stake in online baby marketplace FirstCry.com being sold by an existing investor, the people said, asking not to be identified as the information is not public.
PremjiInvest, the family office of Wipro Ltd.’s billionaire founder Azim Premji, is planning to step in and buy the stake, according to the people.
FirstCry, formally known as BrainBees Solutions Pvt, runs an online store featuring products for children and expecting mothers. Its investors include TPG, Japanese billionaire Masayoshi Son’s SoftBank Group Corp. and local investment firm ChrysCapital.
Representatives for NIIF, FirstCry and PremjiInvest didn’t immediately respond to requests for comment.
India’s antitrust regulator approved NIIF’s investment in FirstCry in February. Through its funds, NIIF has previously invested in companies including Hindustan Infralog, Ayana Renewable Power and Manipal Hospitals.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%