SoftBank has sold its stake in FirstCry to three Indian firms to reduce its share in the company, reported Economic Times. As per the report, the investment firm has reduced its share by 1.5-2 per cet in FirstCry.
ET reported that the investment firm sold its stake to Ranjan Pai's MEMG Family Office, Harsh Mariwala's Sharp Venture, and Hemendra Kothari's DSP family office.

Indian e-commerce company FirstCry is planning to conduct an initial public offering (IPO) next year. Managing partner of Soft Bank Vision Fund, and CFO Navneet Govil said that the company is expected to draft papers by the end of 2023, the report added.

As per the reports a week ago, it reported that Manipal Group's chairman Ranjan Pai had shown his interest in acquiring a stake in the e-commerce platform. It was expected that Pai is in the advanced stage to buy stakes in around Rs 250 crore. Pune-based e-commerce platform which offers child care and baby products has also received investments from Premji Invest (9-11 per cent), Mahindra Retail (12-13 per cent), and TPG (6-7 per cent).

Other than Manipal Group's Chairman Ranjan Pai, the Tokyo-based investment firm is also planning to sell its stakes in two other Indian entities as well. Earlier in the year 2022, it cut short the investment in Indian companies by more than 84 per cent in 2022. Between the years 2014 to 2022 Soft Bank's investment was around 500 million in total six deals. On the other hand, it has also supported Major unicorns such as Blinkit, Meesho, Unacademy, Lenskart, and Ola Electric among others.