FirstCry.com owner BrainBees Solutions and Mahindra Retail have agreed to consolidate their business activities and create a merged entity.

The board of directors of both companies has approved this plan.

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According to the deal, Mahindra Retail will sell its franchise business BabyOye to FirstCry for Rs3.62bn ($542m).

"The agreement will see FirstCry issue equity shares totalling Rs3.54bn ($529m) to Mahindra Retail, in addition to making a cash payment of Rs75m ($1.12m)."

According to the Bombay Stock Exchange filing, the agreement will see FirstCry issue equity shares totalling Rs3.54bn ($529m) to Mahindra Retail, in addition to making a cash payment of Rs75m ($1.12m).

FirstCry has also raised $34m of new equity capital from the Mahindra Group, equity fund Adveq, and Infosys co-founder Kris Gopalakrishnan, in addition to existing shareholders, reported Business Standard.

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A leading retailer of baby and kids products in India, FirstCry has aound 180 stores in the country.

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Mahindra Retail has more than 120 outlets operating under the BabyOye by Mahindra brand.

The merged company will operate under the name of FirstCry.com – A FirstCry Mahindra Venture, reported The Hindu Business Line.

This entity will have more than 300 stores across 125 cities.

FirstCry founder Supam Maheshwari will continue to be the CEO of the merged company.