Globalbees Brands Private Limited, a key subsidiary of the recently listed omnichannel retailer FirstCry ( Brainbees Solutions Limited ), has significantly increased its investment in two of its step down subsidiaries, Frootle India Private Limited and Wellspire India Private Limited.
This strategic move underscores Globalbees’ ongoing commitment to consolidating its position in the home and kitchen appliances sector.
In a disclosure to the National Stock Exchange of India (NSE) and BSE Limited, Globalbees Brands has revealed that it has invested ₹105.15 crores in Frootle India Private Limited and ₹1.05 crores in Wellspire India Private Limited.
These investments are aimed at raising its stake from 51% to 74% in both companies.
Frootle India Private Limited specializes in a range of home and kitchen appliances under the brand name “Frootle.”
Established on November 6, 2019, the company has demonstrated substantial growth in recent years.
For the fiscal year 2023-24, Frootle reported a turnover of ₹309.72 crores, up from ₹159.47 crores in 2022-23 and ₹96.81 crores in 2021-22.
Wellspire India Private Limited, founded on October 25, 2021, operates in the same industry, offering various home and kitchen appliances under the “Wellspire” brand.
The company’s turnover has also shown significant progress, reaching ₹15.49 crores in 2023-24, compared to ₹1.93 crores in 2022-23 and ₹0.3 crores in 2021-22.
Both transactions are executed at arm’s length, with no additional interest from group companies beyond their shareholding.
There are no regulatory approvals required for these acquisitions, and the transactions are completed in cash.
