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Ranjan Pai, Chairman of Manipal Group, is in advanced talks to invest Rs 250 crore in mom and babycare brand FirstCryas part of a secondary share sale at a valuation of $3 billion, as per a report by The Economic Times. The share sale is likely to cross Rs 500 crore.

Other institutional investors are also in the process of picking up a secondary stake in the Pune-based firm from existing shareholders, the report said. In a secondary share sale, existing shareholders sell their stakes to new investors in part or full.

FirstCry is slated to go public next year, after deferring its plan in light of market volatility and the issues that have faced IPOs since last year.

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FirstCry is in discussions with a set of sovereign funds to facilitate some of its shareholders to sell a stake in the company at a valuation of nearly $3 billion, ET had reported in April.

Founded in 2015 by Supam Maheshwari and Amitava Saha, FirstCry has raised upwards of $960 million to date from marquee investors including SoftBank Vision Fund, Temasek, Chiratae Ventures, Vertex Ventures and Elevation Capital, according to data from market research firm Tracxn.