Baby products e-tailer FirstCry raises $240-M from NIIF, Premji Invest

National Investment and Infrastructure Fund (NIIF) has made its first bet on the country's internet economy with unicorn e-commerce firm FirstCry. NIIF led a USD 240-million secondary funding round in FirstCry's parent company Brainbees Solutions, buying stock worth USD 100 million. The Pune-based company's existing investor Premji Invest has also purchased additional shares in the company in the new round in which SoftBank has sold the largest chunk of shares. Chiratae Ventures and Newquest Capital Partners have also sold parts of their holding in the company. SoftBank will retain an around 30% stake in FirstCry post this transaction.