Mahindra & Mahindra Ltd.

Mahindra Retail, a subsidiary of Mahindra and Mahindra (M&M) and online babycare store FirstCry (BrainBees Solutions) have consolidated their business activities to create a dominant presence in the $12 billion baby and kids market in India. The Board of Directors of the two companies at their respective meetings approved this strategic move. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a Large Pvt Equity Fund), Kris Gopalakrishnan and participation from all existing shareholders.

This strategic consolidation of the industry’s leading players, creates India’s clear, unrivalled and single most dominant presence in this category, in the combined offline Retail and Online environment. The merged entity will conduct its business under the brand name FirstCry.com- A FirstCry Mahindra Venture. FirstCry.com will have a parent base of over 4 million, a footprint of over 300 stores spread across 125 cities, thereby becoming the go-to destination for worldclass brands and products in the mom, baby & kids vertical.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.