Online babycare firm FirstCry has recently raised $36 million from Silicon Valley venture fund New Enterprise Associates (NEA) and San Francisco-based hedge fund Valiant Capital.
Online babycare firm FirstCry has recently raised $36 million from Silicon Valley venture fund New Enterprise Associates (NEA) and San Francisco-based hedge fund Valiant Capital in its fourth round of institutional funding.
Besides, this roubnd of funding was also supported by IDG Ventures India, Temasek's subsidiary Vertex Venture Holding and SAIF Partners also participated in the round of funding.
Moving further, this investment would mark the first significant internet investment for NEA, which has backed companies like Diapers.com, Groupon and Juniper globally, here in India after having focused largely on non-tech companies so far.
Brainbees Solutions, which runs FirstCry.com, has over the past year been expanding its physical presence at a time when pure-play babycare e-tailers have found it difficult to raise money. Earlier this year, the Mahindra Group acquired BabyOye, backed by Accel Partners and Tiger Global, in what was said it be a write-off for the investors.
FirstCry now has over 100 franchisee stores across 85 cities in the country and has strengthened its hybrid model. "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.
"Mobile transactions are growing the fastest and currently contributing over 50% of traffic for us," he added.
As per a report in media, Ben Mathias, partner and executive director at NEA India said, " We believe that FirstCry has the potential to strengthen its domination of the baby and kids' products market in India."
Besides, this fresh round of funding will help the company to make its foothold stronger on the ecommmerce platform.
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