India-based baby product retailer FirstCry has raised another $150 million from SoftBank, bringing the Japanese conglomerate’s total investment in the company so far to about $300 million.
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As part of the deal, Softbank will invest an additional $100 million in the company in January 2021, according to tech news website Entrackr. Currently, the company has about $418 million in funding, according to Crunchbase.
FirstCry sells baby products and toys online, and calls itself “Asia’s largest online shopping store for kids and baby products.” The company sells items like kids clothing, bath products, nursery items and toys.
The company raised the first part of its Series E, about $149 million, in January 2019 (the new $150 million is also part of the Series E). The company raised its $4 million Series A round in April 2011, and its investors include Vertex Ventures and SAIF Partners.
According to Entrackr, the company has a value of at least $1.2 billion in the SoftBank transaction. The bank now holds about 40 percent of the equity in the company.
FirstCry is among a growing number of unicorns based India, including payment platform Paytm and hotel company Oyo.
Based in Pune, India, FirstCry carries more than 5,800 brands and has more than 7.5 million registered users, according to its website. It also has more than 400 stores across India, in cities including Bangalore, Delhi and Hyderabad.
Illustration Credit: Li-Anne Dias