SoftBank-backed FirstCry Group acquires Oi Playschool
Edubees Education, an arm of FirstCry Group announced on Thursday, that it has acquired Oi Playschool, an initiative of People Combine Group.
LoEstro Advisors acted as the exclusive financial advisor to Oi Playschool on its sale to Edubees. Founded in 2010, Oi Playschool refines skills, nurture curiosity, and encourage exploration among early learners.
Naga Prasad Tummala, Chairman of People Combine Group, said on a press release:
"LoEstro Advisors was instrumental in conducting an effective and competitive transaction process that ultimately maximised value for the company’s shareholders. Our students and employees will both benefit with long-term vision of FirstCry for pre-primary business. LoEstro's advice throughout the process resulted in a successful outcome for all parties involved."
Supam Maheshwari, the CEO of Firstcry, said: “We are very happy with the accomplishments Oi Playschool achieved over the years. It was a pleasure to work with the Company’s management team and LoEstro team and we wish them continued success.”
Boutique Consulting firm LoEstro Advisors specialises in raising funds and structuring. It has already executed sales deals in excess of Rs 2,100 crore in the education sector.
The firm has not only brought in global leaders into the country but also worked with leading Indian school chains and standalone schools.
Rakesh Gupta, Managing Director of LoEstro Advisors' said,
"Our experience in education sector allowed us to pair Oi Playschool with a strong partner that is committed to growing and investing in the company’s future.”
Pune based baby and mother-care product retailer FirstCry claims to be Asia's largest online store for baby and kids' products.
Earlier this year, SoftBank’s Vision Fund invested $400 million in the startup, according to regulatory filings. Around $150 million of this had already been infused into the company.
The investment was part of a larger round in which FirstCry would be raising around Rs 2,825 crore ($396.34 million) from SoftBank’s $93-billion Vision Fund in two tranches, the filings stated.
(Edited by Saheli Sen Gupta)