FirstCry Subsidiary GlobalBees Brands Hit with ₹65 Crore Insolvency Petition

BrainBees Solutions, the parent company of omnichannel baby‑products retailer FirstCry, has reported that an insolvency petition has been filed against its significant subsidiary, GlobalBees Brands, for alleged unpaid dues totalling approximately ₹65 crore.

In an exchange filing, BrainBees Solutions stated that Ashutosh Garg, Paritosh Garg and Manju Agarwal have filed a petition with the National Company Law Tribunal (NCLT) in New Delhi claiming “₹64.92 crore, plus 18 % interest per annum accruing from 9 May to the date of payment.”

GlobalBees, which invests in and manages a portfolio of digital‑first consumer businesses, is actively seeking legal guidance and intends to contest the plea even at the admission stage, according to BrainBees.

The filing noted that the financial implication on the company “cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges.”

The filing did not provide details about the three individuals, although BrainBees’ red‑herring prospectus, filed on 30 July 2024, states that they are shareholders in a company named Kuber Mart Industries.

BrainBees Solutions holds a 51 % stake in GlobalBees, an e‑commerce company that acquires and scales direct‑to‑consumer (D2C) brands. It operates similarly to the roll‑up business Thrasio, consolidating smaller, digitally native brands while providing resources and support to foster growth.

FirstCry Parent Financials

Last month BrainBees Solutions reported a challenging quarter, with its consolidated net loss surging 2.5 times year‑on‑year (YoY) to ₹111.5 crore in Q4 FY25, compared to ₹43 crore in the same quarter a year earlier. The losses were exacerbated by a one‑time exceptional charge of ₹36.7 crore during the March quarter.

Despite the setback, the Pune‑based company’s full‑year net loss decreased by 18 % to ₹264.8 crore in FY25, down from ₹321.5 crore in FY24. Consolidated operational revenue increased 16 % YoY to ₹1,930.3 crore for Q4 FY25, indicating sustained growth in its core business.

While revenue grew 16 % YoY from ₹1,668.9 crore in Q4 FY24, it fell 11 % sequentially from ₹2,172.3 crore in the previous quarter. The company attributed the weaker March‑quarter performance to a temporary decline in offline sales. Gross merchandise value (GMV) from offline channels increased slightly to ₹466.9 crore in Q4 FY25, up from ₹443 crore a year earlier, reflecting cautious consumer sentiment in physical retail.