FirstCry, an online store which sells baby products has raised $ 26 million in Series D round of funding, lead by Valiant Capital. Existing investors in the company – IDG Ventures India, Ventex Venture Holdings and SAIF Partners have also participated in the round.
, In January 2014, the company had secured a $ 15 million from Vertex Venture Holdings and In February 2012, the company raised a $ 14 million from IDG Ventures India along with SAIF Partners. Taking the present round into consideration, FirstCry has raised a total capital of around $ 59 million.
Co-Founder and CEO Supam Maheshwari said
The funds raised will be used to scale across channels, online, mobile and offline, and invest in growing the private label business”. Other than online store, the company is also supported by an offline franchisee network which currently includes more than 100 stores across 85 cities.
The baby care e-tailing segment currently accounts for less than 5 percent of the estimated $ 10 billion baby care products market in India. First Cry, after having received almost $60 Million in investments, has come out to be the sole major e-retail brand dealing in baby-care products.
What’s different about FirstCry, is the fact that it operates its own offline franchisee stores as well. They currently number at around 100 and are spread across 85 cities. With the current round, FirstCry is aiming to expand its Offline Franchisee store network four times, to over 400 stores