Brainbees Solutions Parent Co of FirstCry Shares Fall for 9th Day; Insolvency Plea Filed Against Arm GlobalBees

Brainbees Solutions, the parent company of FirstCry, is in the spotlight after an insolvency plea was filed against its subsidiary GlobalBees over unpaid dues of nearly ₹65 crore. The plea is currently under review by the National Company Law Tribunal (NCLT).

GlobalBees Faces Insolvency Petition

Brainbees Solutions, the parent entity of popular baby products retailer FirstCry, is facing legal challenges as its majority-owned subsidiary GlobalBees becomes the subject of an insolvency plea. The plea was filed by former stakeholders of Kuber Industries, a D2C homecare brand acquired by GlobalBees in December 2021.

According to a regulatory filing, the petition was submitted to the New Delhi bench of the National Company Law Tribunal (NCLT), claiming unpaid dues of ₹64.92 crore along with 18% annual interest from May 9, 2025, until full payment is made. The plea is currently at the admission stage, and the tribunal is yet to decide whether proceedings will begin.

GlobalBees Background of the Dispute

GlobalBees had acquired Kuber Industries for a cash consideration of ₹134 crore, with an additional deferred payment of ₹48 crore. In response to the legal action, GlobalBees stated it is actively pursuing legal counsel and is taking “all necessary measures to oppose the application,” aiming to protect its interests.

Corporate Structure & Recent Developments

Brainbees Solutions currently holds a 51% stake in GlobalBees, which functions as a roll-up ecommerce platform similar to Thrasio. It acquires and scales D2C brands, offering them operational support to drive growth. Just months ago, Brainbees announced plans to invest an additional ₹146 crore in GlobalBees over multiple tranches to slightly increase its stake to 51.51%.

Brainbees Q4 FY25 Results Highlights

Brainbees Solutions, the operator of FirstCry, reported a net loss of ₹111.5 crore in Q4 FY25, significantly higher than the ₹43.2 crore loss in the same quarter last year, according to its May 26 filing.

Although revenue from operations grew 16% year-on-year to ₹1,930.3 crore, it declined 11% from the preceding quarter’s ₹2,172.3 crore. The company attributed part of the quarterly loss to a one-time expense of ₹36.7 crore.

On an annual basis, however, Brainbees saw some relief as its FY25 net loss narrowed to ₹264.8 crore, down from ₹321.5 crore in FY24.

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Conclusion

The insolvency plea adds another layer of complexity to FirstCry’s corporate structure ahead of its anticipated IPO. While GlobalBees contests the claim, the outcome of the NCLT proceedings could have a material impact on its operations and investor sentiment. For now, stakeholders will be closely watching how this legal battle unfolds in the coming weeks.

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