After raising $26 million in February, online baby products retailer FirstCry has now added $10 million more funding in its series D round from New Enterprise Associates (NEA) and San Francisco-based hedge fund Valiant Capital. Existing investors IDG Ventures India, Temasek’s subsidiary Vertex Venture Holding and SAIF Partners also participated in the round.
In January 2014, the firm had secured $15 million from Vertex, an early-stage investment arm of Singapore-headquartered Temasek Holdings. In February 2012 the company raised $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.
“We plan to use the funds to focus on expanding our leadership across all channels (online, mobile and offline), as well as investing in the growth of our private label business,” said Supam Maheshwari, founder & CEO of Brainbees.
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. The firm also has over 100 franchisee store across 85 cities in the country.
Another player in this space which raised funding 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 gotten acquired by Mahindra Internet Commerce in February this year.