|[January 21, 2014]
FirstCry Raises $15M Series C Round from Vertex, IDG, and SAIF
PUNE, India --(Business Wire)--
Vertex (News - Alert) Venture Management, through one of its funds, led a $15 million
Series C investment into Brainbees Solutions Pvt Ltd, which owns the
'FirstCry.com' brand, India's #1 baby and kids focused e-commerce site.
Vertex is a subsidiary of Temasek Holdings. IDG Ventures India and SAIF
Partners, the existing investors in Brainbees, also participated in the
round. Joo Hock Chua from Vertex will join Manik Arora from IDG Ventures
and Ravi Adusumalli from SAIF Partners on the board of the company.
Brainbees started operations in late 2010 and owns the 'FirstCry.com'
brand, the #1 e-commerce platform in India for babycare, kids and
maternity care. It offers over 70,000 products for moms, babies and kids
from more than 500 leading national & international brands. Its product
catalogue includes a wide range of consumables such as diapers and
toiletries, accessories such as strollers, apparel and footwear as well
as books and toys for children up to the age of 15 years. The company
prides itself on the widest assortment of brands and products as well as
exceptional customer service.
Brainbees was fonded by serial entrepreneurs Supam Maheshwari and
Amitava Saha, who previously had a successful exit at Brainvisa
Technologies. "We are happy to have achieved the dominant position in
the online baby and kids market and have expanded the FirstCry brand
into other channels such as mobile and offline through franchisees
across India. We are delighted to have Vertex, an accomplished,
deep-pocketed and expert Asian e-commerce investor, join us along with
IDG and SAIF as investment partners in this round," says Supam
Maheshwari, Founder & CEO of Brainbees.
Brainbees currently has four warehouses across India from where it ships
products to its customers across 300+ towns and cities. The company also
operates one of the largest supply-chain and logistics networks in
India. Additionally, it also has 50 FirstCry-branded franchisee stores
across 45 cities.
According to Joo Hock Chua, Managing Director and CIO of Vertex Venture
Management, "We have been highly impressed with FirstCry's dominance in
the online baby and kids market and look forward to leveraging our
experience and expertise in hybrid online-offline business models from
our investments and direct presence in other growing markets in Asia to
help grow the company aggressively. This is a strong and cohesive team
that has demonstrated an exceptional track record and we are delighted
to partner with them as well as with IDG and SAIF."
Manik Arora, Founder and Managing Director of IDG Ventures India
Advisors, said, "Since IDG's investment, transactions have grown
rapidly, strong loyalty metrics are evident, mobile offerings have been
launched and 50 franchisee stores are driving offline sales. The company
has demonstrated strong traction and we welcome Vertex to help with the
next phase of growth."
Ravi Adusumalli, Managing Partner of SAIF Partners said, "As early
investors in Brainbees, we have seen the company go from strength to
strength and achieve clear leadership in its vertical. We are excited to
have Vertex on board and this round of capital should help the company
in strengthening its brand further and expanding its multi-channel
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