FirstCry Raises $150 Million From SoftBank

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FirstCry

Online baby products Omni-commerce platform Firstcry has bagged a Series E round of investment worth $149.36 million (Rs 1,096.94 crore) which was led by Japanese conglomerate SoftBank. Notably, this is the first tranche of the funding. SoftBank has committed an investment of $395.7 Mn (INR 2,824 Cr) as part of their investment.

As per the filings by the Pune-based company, it has already received the first tranche of $150 million investment. The first tranche of the amount has been raised at an estimated valuation of $850 million and the reports suggest that as soon as the second tranche of money gets pumped, the company will enter in the Unicron category.

FirstCry was started in 2010 by Supam Maheshwari and Amitava Saha as a platform which had various categories of baby and kids products from clothing to school essentials etc from global brands like Funskool, Hotwheels, Nuby, Farlin, Medela, Pampers, Disney etc.

The total amount raised by the company now stands at about $270 million from the backers. The other notable investors of the company include IDG Venture, Temasek Holdings, Valiant Capital Partners, SAIF Partners, Adveq, New Enterprise Associates, Mahindra Rise, Kris Gopalakrishnan, Vertex Ventures and others.

The firm says that it offers more than 2 lac baby and kids products across categories. Notably, it has offline stores all over the country. It claims to have 183 stores across 29 Indian states and aims to take that number to 200 very soon.

The platform competes with the likes of Hopscotch, Tinystep, ParentCircle, BabyChakra and The Moms Co.

 

Image Courtesy : franchiseindia

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