FirstCry to double its Valuation after Raising nearly $200 million, says report

  • Investors including TPG Growth, Premji Invest, and ChrysCapital will reportedly participate in the funding round.
  • Earlier, The company had raised $296 million collectively in a Series E funding round from Softbank’s Vision Fund.
  • To date, FirstCry has raised more than $420 million in funding.

Pune-based online babycare retailer FirstCry is looking to raise around $200 million (about Rs 1,456 crore) in funding from various venture and private equity firms. The round could double the company’s valuation to nearly $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 company. At that time, The company’s valuation stood at beyond $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.

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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 Founder & CEO Supam Maheshwari

FirstCry has its stores in cities like Mumbai, Bengaluru, Delhi, Karnal, Ahmedabad, Allahabad, Jaipur, Gurgaon, Udaipur, Chennai, Agra, Raichur, Kota, and more.

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