Brainbees Pvt Ltd, parent company of kids-focussed e-commerce portal FirstCry.com, has raised a $26-million Series D funding led by San Fransico-based Valiant Capital Partners. Existing investors IDG Ventures India, Vertex and SAIF Partners, also participated in the round, according to a company statement.
The latest round investment comes close on the heels of Ratan Tata, chairman emeritus of Tata Sons
Ltd and senior advisor to IDG Ventures India, injecting an undisclosed amount in his personal capacity in the baby care products retailer.
“We plan to use the funds to focus on expanding our leadership across all channels (online, mobile and offline), as well investing in the growth of our private label business” said Supam Maheshwari, Founder and CEO of Brainbees. Brainbees was founded in 2010 and now has over 100 FirstCry-branded franchisee stores across 85 cities in the country. It also has distribution partnerships with over 5,000 hospitals.
Brainbees also owns a private label apparel brand, BabyHug. It has also expand the brand into multiple categories beyond apparel such as baby gear. The company claims that private label sales are growing rapidly and currently contribute a quarter of the company’s sales.
“Supam and Amitava (co-founders) are seasoned entrepreneurial leaders who have demonstrated their ability to build and scale-up a world-class organisation. We have been highly impressed with FirstCry’s leadership and believe it is becoming one of the marquee e-commerce brands in India,” said Chris Hansen, managing partner of Valiant Capital Partners.
Valiant Capital manages over $2.5 billion of assets and has is known for technology investing in private and public markets globally Prior to this latest round Brainbees had raised $69 million in capital over multiple rounds from marquee investors including IDG Ventures India, SAIF Partners, Vertex Ventures, Valiant Capital and NEA.
competes with baby-centric portals such as Babyoye, which was recently acquired by the Mahindra Group and Hopscotch, that recently raised $11 million in its Series B round of funding. It also faces competition from e-tailers such as Flipkart
which also sell baby products.
Brainbees Pvt Ltd
, Valiant Capital Partners
, IDG Ventures India
, SAIF Partners
, Ratan Tata