FirstCry Raises $26M in Fourth Round led by San Francisco Hedge Fund
Valiant 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