Pune-based baby products marketplace Firstcry has recently raised $296mn (approx 2120Cr) in Series E funding from Japanese conglomerate Softbank’s Vision Fund. With the latest infusion of funds, Firstcry has entered the Unicorn Club.
According to the company filing submitted to the Ministry of Corporate Affairs, a Cayman Island-based subsidiary of Softbank SVF Frog has invested ₹2120Cr in Firstcry parent company Brainbees Solutions Pvt Ltd.
This is the first tranche of the total $400mn funding committed by Softbank. The Japanese investor has reserved an additional ₹703Cr which will be invested on the second anniversary of the transaction in January 2021.
After the transaction, Firstcry’s valuation has risen to $1.2bn, which means the company is India’s latest entry to the Unicorn Club. However, the company has not yet made any confirmation about the recent valuation
Founded in 2010 by Supam Maheshwari and Amitava Saha, Firstcry offers different categories of baby and kids products from clothing to school essentials. The company has expanded its user base to over 4mn and has a retail footprint of over 300 stores spread across 125 cities. It claims to offer 2lakh baby and kids products across 2,000 brands.
Prior to this funding round, the startup has raised over $100mn and from investors such as IDG Ventures India, SAIF, Valiant Capital, Ratan Tata, Vertex Venture, and NEA.
FirstCry also acquired BabyOye’s franchise business from Mahindra for $54mn in October 2017.
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