FirstCry subsidiary GlobalBees invests Rs 4.5 Cr in Dynamic IT Solution

GlobalBees Brands Private Limited, a subsidiary of FirstCry parent Brainbees Solutions, has invested Rs 4.5 crore in Dynamic IT Solution Private Limited, a step down subsidiary of the company.

With this investment, Globalbees has acquired 24% stake in Dynamic IT Solution.

Founded in 2002, Dynamic IT Solution Private Limited is in the business of design, development, trade and supply software, sports & fitness accessories, and other sports and fitness products under the brand name "Strauss".

In February this year, GlobalBees raised Rs 150 crore ($18 million) in a debt round from Avendus. The board at GlobalBees passed a special resolution to issue 1,500 non-convertible debentures (NCDs) at an issue price of Rs 10,00,000 each to raise Rs 150 crore, according to the company's regulatory filing sourced from the Registrar of Companies.

In another development, Brainbees Solutions has received a notice from the Karnataka GST authorities for FY 2020-21 primarily pertaining to a discrepancy between Input Tax Credit (ITC) availed as per GSTR-3B and the ITC reflected in GSTR-2A, according to the BSE filling.

In September, the SoftBank-backed ecommerce rollup startup had hiked its stake in two stepdown subsidiaries of Brainbees Solutions Limited—Frootle India Private Limited and Wellspire India Private Limited—with an investment of Rs 105.15 crore and Rs 1.05 crore, respectively.