FirstCry, an online baby products retailer has raised USD 26 million in Series D round led by Valiant Capital Partners and existing investors IDG Ventures India, Ventex Venture Holdings and SAIF Partners. In January 2014, the firm had secured USD 15 million from Vertex, an early-stage investment arm of Singapore-headquartered Temasek Holdings. In February 2012 the company raised USD 14 million from IDG Ventures India along with SAIF Partners. Including this round, the firm has received a total capital of around USD 55 million.
As per an ET report, the funds raised will be used to scale across channels, online, mobile and offline, and will be invested in growing the private label business.
Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is an online store for baby products and toys that covers International and Indian brands. Besides this, it also has forayed into personal care essentials through newly launched portal GoodLife catering to beauty and wellness products.
With this new funding, the company will grow its franchisee stores to 400 over the next three years. The baby care e-tailing segment currently accounts for less than 5 percent of the estimated USD 10 billion baby care products market in India.
The other players in this space include, Hopscotch, a Mumbai-based online baby products retailer which had raised USD 11 million in Series B round led by Facebook Co-Founder Eduardo Saverin with participation from Los Angeles based early stage investor Velos Capital. Its another competitor Mumbai-based Babyoye had acquired Bangalore based Hoopos in a stock-swap deal in 2013.