Globalbees has acquired 30 per cent additional shareholding from other existing shareholders of Candes Technology
Brainbees Solutions, the parent company of mother and baby care products retailer FirstCry has informed that its subsidiary Globalbees Brands has increased its stake in Candes to 92 per cent by completing the purchase of an additional stake.
“Globalbees acquired 30 per cent additional shareholding from other existing shareholders of Candes Technology. Pursuant to the said acquisition, the shareholding of Globalbees has been increased from 62 per cent to 92 per cent in Candes Technology,” the company said in an exchange filing.
The deal was carried out as a cash transaction worth Rs 37,250 per share. Candes Technology, incorporated in India on 25 January 2021, is engaged in the business of all kinds of electronics, electrical instruments and audio-visual goods under the brand name Candes.
Candes’ turnover in 2024-25 stood at Rs 38.23 crore, down from Rs 68.17 crore in 2023-24. The turnover of the company was Rs 89.62 crore in 2022-23. Brainbees solutions clarified that the acquisition does not fall within related party transaction and the group companies have no interest in Candes Technology except to the extent of their shareholding and common directorship.
Recently, FirstCry expanded its ‘Qwik’ delivery service across select pincodes in Bengaluru, Pune and Hyderabad. Parents in these cities can now access a wide range of baby and kids’ products, including apparel, footwear, fashion accessories, consumables, baby gear, and toys, delivered in less than three hours, the company said.
With an existing network of over 1,200 modern stores across India, the FirstCry ‘Qwik’ model is inherently scalable, enabling the company to expand while leveraging its network of 84 warehouses and stockists and its curated home brands, which contribute more than 55 per cent of the India multi-channel gross merchandise value.
