FirstCry raises $36 m in round led by NEA, Valiant Capital

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Pune | Published: April 9, 2015 4:08:58 AM

Brainbees Solutions, which owns the brand, has raised $36 million in a Series D round led by Valiant Capital Partners and...

Brainbees Solutions, which owns the brand, has raised $36 million in a Series D round led by Valiant Capital Partners and New Enterprise Associates (NEA). FirstCry has expanded to become the segment’s biggest mutli-channel brand in India. Existing investors IDG Ventures India, Vertex and SAIF Partners also participated in the round.

Brainbees was founded by serial entrepreneurs Supam Maheshwari and Amitava Saha, who had previously built and sold Brainvisa Technologies. “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,” Supam Maheshwari, founder & CEO of Brainbees, said.

Ben Mathias, partner and executive director, New Enterprise Associates (India), said “With our prior experience of investing at in the US, we could see a lot of similarities in building a successful model. The Brainbees team has demonstrated a superb execution and innovation capabilities which are the key drivers of their rapid growth. We believe that Brainbees has the potential to strengthen its domination of the baby and kids products market in India.”

Chris Hansen, managing partner of Valiant Capital, said FirstCry is becoming a marquee e-commerce brand. Supam and Amitava were seasoned entrepreneuers who have demonstrated their ability to build and scale up a world-class organization, Hansen said.

Brainbees started operations in late 2010 with the online brand and expanded other channels as well. The company has over 100 FirstCry-branded franchisee stores across 85 cities in the country. Its mobile transactions have grown fast, currently contributing over 50% traffic.  Brainbees also has distribution partnerships with 6,000 hospitals, reaching out to over a million new parents every year.

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