Globalbees Brands, a subsidiary of Brainbees Solutions (the company behind FirstCry) has invested ₹4.5 crores in Dynamic IT Solution to acquire 24% stake in the company.
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.”
In February this year, GlobalBees Brands raised ₹150 crore in a debt round from Avendus.
In September, GlobalBees had hiked its stake in two step-down subsidiaries of Brainbees Solutions; Frootle India and Wellspire India with an investment of ₹105.15 crore and ₹1.05 crore, respectively.
In a separate regulatory development, Brainbees Solutions has received a notice from Karnataka’s GST authorities regarding the fiscal year 2020-21 for FY 2020-21 primarily about a discrepancy between Input Tax Credit (ITC) availed as per GSTR-3B and the ITC reflected in GSTR-2A, according to the BSE filling.
The notice also alleges the short tax paid as per Form 09 of ₹3,74,704.
