Japanese conglomerate SoftBank has sold shares worth $310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week, sources said on Monday.

“SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up
up by a few high net worth individuals.

“With this sale, SoftBank has realised $310 million from two rounds of stake sale in FirstCry,” a source told PTI.

The source said that the sale values FirstCry in the range of $3.5-3.75 billion.

SoftBank had invested $400 million in FirstCry at an enterprise valuation of $900 million.

Another source said that SoftBank is still left with shares valued in the range of $800-900 million which it will sell later.

“SoftBank is looking to make around $1.3 billion from the investment made in FirstCry,” the source said.

An email query sent to SoftBank elicited no response in this regard.

InCred raises $60m

InCred has turned unicorn after raising $60 million in a funding round from new and existing investors. Following the fresh capital infusion, InCred has been valued at $1.04 billion and has become the second company to gain unicorn status this year, the company said in a statement.

The Series D round was led by Ranjan Pai of MEMG, who invested $9 million followed by Ravi Pillai, chairman at RP group of companies, and Ram Nayak, global co-head of the investment bank and head of fixed income and currencies at Deutsche Bank, who invested $5.4 million and $1.2 million, respectively.

PTI