SoftBank investing Rs 1,055.57 crore in FirstCry

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Published: February 7, 2020 5:21:26 AM

In January 2019, SoftBank had pumped in the first tranche of Rs1,064.94 crore ($149.44 million) in Firstcry at an estimated valuation of close to $800 million.

SoftBank, FirstCry,  e-commerce players, Grofers, Paytm, Firstcry Series E financingReportedly, Firstcry narrowed its losses to about Rs54 crore in the year to March 2018 compared to losses of close to Rs400 crore in FY17.

SoftBank is investing Rs1,055.57 crore ($148.12 million) in FirstCry, according to documents sourced from business signals platform paper.vc. The investment is part of SoftBank’s larger Rs2,825-crore (about $400 million) funding round in the Pune-based firm. In January 2019, SoftBank had pumped in the first tranche of Rs1,064.94 crore ($149.44 million) in Firstcry at an estimated valuation of close to $800 million. The funding is part of Firstcry’s Series E financing round.

Firstcry has raised about $416.52 million in funding so far. Founded in 2010, baby products retailer Firstcry follows an omni-channel business model. It runs over 400 stores across India and claims to have 7.5 million registered users on its online platform.

Reportedly, Firstcry narrowed its losses to about Rs54 crore in the year to March 2018 compared to losses of close to Rs400 crore in FY17. Sales rose to a little over Rs350 crore in FY18 from nearly Rs240 crore in FY17.

Losses are on the rise for bulk of the internet companies. Total losses for a clutch of e-commerce players — Grofers, Paytm, Oyo, Delhivery, Swiggy and Zomato — rose to Rs11,489.48 crore in FY19 compared to losses of Rs3,257.04 in FY18, an increase of 252.75%.

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