FirstCry Raises $26M in Fourth Round led by San Francisco Hedge FundValiant Capital Partners, A San Francisco-based hedge fund, has led a $26 million in fourth funding round for FirstCry, a baby care products e-tailer.
The company's existing investors—IDG Ventures India, Vertex Venture Holdings and SAIF Partners—also participated in the round. The deal comes amid a wave of consolidation in the baby care e-tailing segment, which currently accounts for less than 5% of the estimated $10 billion baby care products market in India.
The latest round takes total venture capital raised by BrainBees Solutions, the Pune-based company that owns FirstCry, to $59 million. It last raised $15 million in January 2014 in a round led by Vertex, the early-stage investment arm of Singapore headquartered Temasek Holdings.
"The funds raised will be used to scale across channels, online, mobile and offline, and invest in growing the private label business," FirstCry co-founder and CEO Supam Maheshwari told ET, while declining details on the company's valuation in this round of funding.Source: Economic Times