FirstCry, a major player in the baby care e-commerce sector, made its debut on the National Stock Exchange (NSE). The company was listed at Rs 651 per share, surpassing the offer price of Rs 465.
The Rivalry Turned Partnership
A little-known fact is that Mahindra Partners, which previously owned Baby Oye and Mom & Me, was once a rival of FirstCry. In October 2016, Mahindra Partners decided to collaborate with FirstCry’s founder, Supam Maheshwari, choosing to support rather than compete with him.
Anand Mahindra’s Reflections
During the listing ceremony, Anand Mahindra shared insights into the origins and evolution of Mahindra Partners. Established in 2010, Mahindra Partners aimed to infuse a startup mentality into the Mahindra Group, focusing on investments in emerging sectors. Mahindra emphasized how this approach paved the way for their involvement with FirstCry.
Strategic Moves and Merger
Mahindra recounted the strategic investment in Mom & Me and the acquisition of Baby Oye, which initially placed Mahindra Partners in competition with FirstCry. However, Zhooben Bhiwandiwala, a senior Managing Director, saw the potential for a merger. Bhiwandiwala recognized Supam Maheshwari’s vision and innovation, advocating for collaboration instead of competition.
The Resulting Success
Mahindra praised the merger with FirstCry as a pivotal move, leading to significant growth and success. Supam Maheshwari’s leadership and innovative delivery system attracted SoftBank’s investment, marking a new chapter in FirstCry’s history.
A Note of Gratitude
Anand Mahindra extended his congratulations and gratitude to Supam Maheshwari and the FirstCry team for their contributions to the company and the country. Mahindra acknowledged the immense value created through this partnership and the impact on the e-commerce landscape.
