The total secondary share sale would be around $50-60 million, or close to ₹500 crore (as per current USD exchange rates) and Pai is likely to invest ₹250 crore.
Around $100 million worth of secondary share sale is likely to be formalised. Other institutional investors are also in the process of picking up a secondary stake in the Pune-based Firstcry, an Omnichannel retailer.
The funding is being primed as a pre-IPO round for Firstcry, which counts Masayoshi Son-led SoftBank as its largest Shareholder with 29% stake.
Earlier reports suggest that SoftBank is likely to sell a part of its 29% holding if the deal happens.
Premji Invest owns about 9-11% stake in FirstCry while Mahindra Retail holds 12-13% and TPG has a 6-7% stake.
According to Traxn, FirstCry has raised a total funding of $965 million in over 10 rounds. It last raised $315 million in Series E, in March 2021.
Early this month, it was reported that Firstcry spin-off, Xpressbees, may raise $100 million as an investment by Canada's Ontario Teachers’ Pension Plan Board, one of the largest pension plans in the world. This fundraise could value the logistics company at about $1.4 billion.
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