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FirstCry in talks to raise up to USD 200 mn

Asia’s largest online omnichannel platform for baby care, maternity, and kids products is also looking at going initial public offering (IPO) way over the next two years.

February 20, 2021

FirstCry

The omnichannel retailing platform having more than 400 stores, has more than 2,00,000 unique products along with 6,000 brands.

Pune-based baby care, kids, and maternity products retailer FirstCry is looking to raise USD 150-180 million in secondary funding which is expected to double the company’s valuation in less than 2 years. Last year in February, the company had raised USD 296 million (Rs 2,120 crore) in Series E funding from Softbank Vision Fund, pushing the startup into the unicorn club.

As per a report by a leading daily, the upcoming round of funding includes investors like TPG Growth, Premji Invest, and ChrysCapital to acquire a stake in the company, the report said. It further added that this will allow the early-stage investors to exit the company.

“Some of the company’s early backers might be looking to sell their stake, fully or partially,” said the report citing a person with the knowledge of the matter.

Reportedly, the company had revenue of Rs 887.5 crore in FY2020, a 65.8% higher than the previous year that helped in slashing its losses by 82.5 percent to Rs 162.7 crore during the period, according to its annual financials sourced from business intelligence platform Tofler.

The company is also is looking at going initial public offering (IPO) way over the next two years. It started its operations in 2010 and acquired BabyOye from Mahindra in 2016. The company houses more than 2 lakh unique products, along with 7.5 million registered users and 5800 brands on its shelves.