Singapore-based Venture Builder and Start-up Studio, IdeaWaveLabs Pte. Ltd. has invested in three firms in India. The recent acquisition of a significant minority equity stake in Mumbai-headquartered First Moms Club (FMC) is among one of the investments.
The amount invested was not revealed, but the Singapore incubator mentioned it usually invests between $25,000 to $100,000. The funding will be utilised in developing the platform and the app, as well as in creating a new P2P shopping tab for the women members on the app.
George, country representative of IdeaWaveLabs said apart from funding, it will also act as a co-builder for the startup. The incubator has already made early stage investments in two Singapore-based companies.
George further added,
The company will work with Ruchita to grow FMC into the largest network of Indian mothers, no matter where they are in the world. FMC is planning to use IWL’s investment to expand its Tech capability and scale up the business.
Founded by Ruchita Dar Shah, First Moms Club started as a Facebook page in 2010 and has today grown into a network of over 50,000 mothers across 45 countries.
Shah also introduced a mobile app for First Moms Club earlier this year. The startup witnesses revenue growth through its brand associations with corporates looking to target the young mothers’ segment.
IdeaWaveLabs has made an incredibly smart investment for their first ever announcement in the Indian market. Every year, it looks for 3 innovative and enterprising ideas to invest in and build by using the internet in a number of unique ways. It works with a highly selective list of enterpreneurs in the Indian and Russian speaking markets.