Private equity firm TPG has completely exited Brainbees Solutions, the parent company of FirstCry, through a bulk deal worth around Rs 202 crore. 

TPG’s investment arm, NewQuest Asia Investments III, sold its entire 2.21% stake in the company, comprising nearly 1.2 crore shares, at Rs 175.15 apiece.

The transaction was executed on the National Stock Exchange on September 24. The shares were sold at a discount of around 2.4% to FirstCry’s previous closing price. 

Goldman Sachs Investments Mauritius I emerged as a key buyer, purchasing 68 lakh shares at Rs 175 each for approximately Rs 119 crore. The buyer for the remaining shares has not been disclosed.

TPG first invested in FirstCry in 2021 and had gradually reduced its holding following the company’s stock market debut in 2024. The private equity investor still held a 2.21% stake at the end of the June 2026 quarter before the latest transaction.

The bulk deal comes as FirstCry continues to focus on improving profitability while dealing with high operating costs and competition in its core categories. The company reported a 35% year-on-year decline in net loss to Rs 44 crore in Q1 FY27 from Rs 66.5 crore a year earlier. At the same time, operating revenue increased 13% to Rs 2,106.2 crore.

FirstCry has also continued to work on improving its unit economics as it expands its omnichannel presence. Its subsidiary, Swara Baby Products, which manufactures disposable hygiene products, has filed a draft red herring prospectus with SEBI for a proposed Rs 1,000 crore IPO. 

The issue is expected to include a fresh issue of up to Rs 500 crore and an offer-for-sale component of up to Rs 500 crore.

The latest exit by TPG marks another major change in the company’s institutional shareholder base, while Goldman Sachs has increased its exposure through the bulk purchase.

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