TPG exits FirstCry with Rs 202 Cr bulk deal
TPG sold its entire 2.21 per cent holding in FirstCry through a bulk deal, five years after it first invested and two years after the IPO.
- TPG entity NewQuest Asia Investments III sold its entire 2.21 per cent holding, per NSE data, so this is a full exit and not a trim.
- The price was Rs 175.15 a share for Rs 202 Cr, a 2.4 per cent discount to the Rs 179.40 close Inc42 cites.
- Goldman Sachs Investments Mauritius bought 68 lakh shares for Rs 119 Cr. Inc42 says the buyers of the balance are not clear.
- FirstCry is still loss making. Q1 FY27 net loss was Rs 44 Cr on operating revenue of Rs 2,106.2 Cr, against a Rs 66.5 Cr loss a year earlier.
TPG has fully exited FirstCry. Inc42 reported on 25 September 2026 that the private equity firm, through its entity NewQuest Asia Investments III Ltd, sold its entire 2.21 per cent shareholding in a bulk deal worth Rs 202 Cr. The figures come from NSE data, which is exchange disclosure rather than a company statement.
The price was Rs 175.15 a share, a 2.4 per cent discount to the Rs 179.40 close Inc42 cites for the BSE. Inc42 puts the block at 1.2 Cr shares. At Rs 175.15 the stated Rs 202 Cr works out to about 1.15 Cr shares by our calculation, so 1.2 Cr is a rounded figure. Goldman Sachs Investments Mauritius took 68 lakh shares at Rs 175 for Rs 119 Cr. Inc42 says there is no clarity on who bought the rest, and gives no post-deal shareholding table, so what the register looks like now is absent from the source.
The timing is worth reading. TPG first invested in 2021 and has been diluting since the 2024 IPO. FirstCry stock is down 37.4 per cent year to date and rose 6.13 per cent in the week before the sale. Inc42 reads the exit as TPG using that week to book gains.
FirstCry matters here because it is the specialist channel in baby and kids, not a horizontal marketplace a brand can skip. It is also still loss making, with the trend improving. Q1 FY27 net loss was Rs 44 Cr against Rs 66.5 Cr a year earlier, a decline we calculate at about 34 per cent where Inc42 says 35 per cent. Operating revenue rose 13 per cent to Rs 2,106.2 Cr. Inc42 also cites heavy spending to defend core categories and supply chain costs.
An early institutional backer leaving at a 37.4 per cent drawdown is not a verdict on the category, and nothing here changes a seller’s terms tomorrow. What it changes is who sets the agenda. A register tilting towards public market buyers rewards margin, not share of shelf. If FirstCry is a real channel for you, expect the commercial conversation to lean harder on profitability: fewer funded discounts, tighter marketing support, more scrutiny on returns and fill rate. Price your FY27 terms on that assumption rather than on the last two years.
Zane’s analysis draws on original reporting by Inc42. Read the original report.