After almost a year after raising $15 Mn in series C round funding, online retailer for kids and baby products, Firstcry has raised whooping $26 Mn in Series D round of funding led by San Francisco-based hedge fund Valiant Capital Partners.
Firstcry’s existing investors IDG Ventures India, Ventex Venture Holdings and SAIF Partners also participated in the round of funding, which values Firstcry at over $59 Mn.
Baby care e-tailing segment, currently accounts for less than 5% of the estimated $10 Bn baby care products market in India, showing a huge room for players like Firstcry.
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This round for Firstcry comes in just a few days after, Mumbai-based online store for babycare and kids products Hopscotch had raised $11 Mn in Series B round of funding led by Facebook co-founder Eduardo Saverin and Los Angeles based VC firm Velos Capital. Babyoye, is yet another retailer which had investors like Helion Venture Partners, Accel Partners and Tiger Global backing. There were also rumors that the Mahindra Group, a $17 Bn conglomerate is looking to buy online retailer for kids products Babyoye.
The funds raised will be used to scale across channels, online, mobile and offline, and invest in growing the private label business.
Firstcry’s online store was launched by Supam Maheshwari and co-founder Amitava Saha in 2010. Apart from online platform, Firstcry also runs offline network of franchisee stores that currently number over a 100 across 85 cities. With the funding, Firstcry aims to take the offline stores number to 400 over the next three years.