FirstCry Subsidiary GlobalBees Acquires 24% Stake in Dynamic IT Solution for INR 4.5 Cr Founded in 2002, Dynamic IT Solution designs, develops, trades, and supplies software, sports, and fitness accessories, marketing its products under the "Strauss" brand.
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GlobalBees Brands Private Limited, a subsidiary of Brainbees Solutions (the parent company of FirstCry), has made a strategic investment of INR 4.5 crore in Dynamic IT Solution Private Limited. With this move, GlobalBees has acquired a 24% stake in Dynamic IT Solution, marking another step in its ongoing expansion efforts.
Founded in 2002, Dynamic IT Solution operates in the design, development, trade, and supply of software, as well as sports and fitness accessories. The company markets its products under the brand name "Strauss." This investment aligns with GlobalBees' strategy of broadening its portfolio by diversifying into various product categories.
Earlier this year, in February, GlobalBees raised INR 150 crore (USD 18 million) through a debt round facilitated by Avendus. The board issued 1,500 non-convertible debentures (NCDs), priced at INR 10,00,000 each, to secure the funds. This capital raise helped strengthen the company's investment capabilities, as evidenced by its recent stake acquisitions.
In September, GlobalBees also increased its shareholdings in two of Brainbees Solutions' step-down subsidiaries—Frootle India Private Limited and Wellspire India Private Limited—with an investment of INR 105.15 crore and INR 1.05 crore, respectively.
In a separate regulatory development, Brainbees Solutions received a notice from Karnataka's GST authorities regarding the fiscal year 2020-21. The notice highlights a discrepancy between the Input Tax Credit (ITC) claimed under GSTR-3B and the ITC reflected in GSTR-2A, according to filings with the BSE.
