The Pune-based omnichannel retailer has more than 400 stores in the country and is consistently expanding its both-online as well as physical presence.
February 19, 2020
SoftBank, the Japan conglomerate is going to invest USD 300 million (Rs 2,120 crores) in the baby care and mother care products omnichannel retail company. The Japanese conglomerate will put in additional USD 100 million (Rs 703.71 crores) as a second tranche of investment in the Indian company the following year, as sourced by paper.vc.
BrainBees Solutions, which owns and operates omnichannel baby- and mother-care product retailer FirstCry, has confirmed a USD 396 million investment by SoftBank through its USD 100-billion Vision Fund. Supam Maheshwari and Amitava Saha are expected to now hold 12-14% equity in the company, as informed by some people aware of the negotiations.
Since the onset of its business journey, the Pune-based FirstCry has raised investments from key corporate firms that includes Softbank, Mahindra Group, Chiratae Ventures (formerly known as IDG Ventures India), New Enterprise Associates, SAIF Partners, Vertex Ventures and a few others to name. Presently, the retail footprint of FirstCry is over 400 offline stores in India and the company has also forayed into the international markets starting with Dubai.
BrainBees Solutions, the owner of FirstCry, has issued 73.16 million Series E equity shares at a price of Rs 386 per share to SVF Frog, a Cayman Islands-registered entity of SoftBank, totaling to Rs 2,824 crores, the filings show. The round has valued FirstCry at about USD 850 million.
Started in 2010 by Supam Maheshwari and Amitava Saha, FirstCry offers a diverse and comprehensive range of products from an array of brands including global names such as Funskool, Hotwheels, Medela, Pampers, Disney etc. The retailer has expanded its reach and presence with due course of time. The Pune-based company also operates a community platform called FirstCry Parenting, where it gets 13 million monthly active users.