- Investors such as TPG Growth, Premji Invest, and ChrysCapital will reportedly participate in the funding round.
- Earlier, The agency had raised $296 million together in a Series E funding round from Softbank’s Vision Fund.
- To date, FirstCry has raised extra than $420 million in investment.
Pune-based online babycare retailer FirstCry is seeking to enhance around $2 hundred million (about Rs 1,456 crore) in funding from the diverse task and personal fairness corporations. The round could double the organization’s valuation to almost $2 billion.
Investors including San Francisco-based TPG Growth, Premji Invest, and ChrysCapital will participate in the $200 million funding round, The Economic Times reported.
The upcoming funding round would allow the early-stage investors to sell their stakes fully or partially, the report added.
In February 2020, FirstCry had raised $296 million collectively in a Series E funding round from Softbank’s Vision Fund, which holds 40% stakes in the enterprise. At that point, The company’s valuation stood at past $1 billion.
To date, FirstCry has raised over $420 million in funding from Softbank’s Vision Fund, Chiratae Ventures, Adveq, SAIF Partners, Temasek Holdings, New Enterprise Associates, Mahindra Rise, IDG Capital, Vertex Ventures, among several other investors.
The company is also planning to launch its Initial Public Offering (IPO) in the next two years. Besides FirstCry, Hopscotch and MyBabyCart also work on the babycare product segment.
In October 2016, FirstCry acquired online babycare product store BabyOye for Rs 362 crore from Mahindra. Founded in 2010 by IIM Ahmedabad alumnus Supam Maheshwari, FirstCry, operated by BrainBees Solutions Pvt. Ltd., is one of India’s early online baby and mother care products store. The company claims to have more than 400 retail stores across the country.
FirstCry has its stores in cities like Mumbai, Bengaluru, Delhi, Karnal, Ahmedabad, Allahabad, Jaipur, Gurgaon, Udaipur, Chennai, Agra, Raichur, Kota, and more.