India-Based FirstCry Raises $150 Million From SoftBank

By Annie Baker ● Feb 10, 2020
  • India-based baby product retailer FirstCry announced it raised $150 million from SoftBank

India-based baby product retailer FirstCry announced it raised $150 million from SoftBank, according to Crunchbase. This brings SoftBank’s total investment in FirstCry to around $300 million.

And as part of this deal, SoftBank is going to invest another $100 million in FirstCry in January 2021. FirstCry has raised a total of $418 million in total funding so far.

FirstCry sells over 200,000 products from 6,000 brands for babies and kids. And the company has more than 400 stores across India.

The first part of the Series E was raised around January 2019. And this $150 million round is part of the Series E. The company raised a $4 million Series A round back in 2011. Investors in that round included Vertex Ventures and SAIF Partners. With this round of funding, FirstCry has a valuation of over $1 billion.

When FirstCry had raised $34 million in October 2016, the Mahindra Group was one of the investors. As part of that deal, FirstCry also acquired Mahindra’s baby care unit called BabyOye in a cash-and-stock deal valued at more than $54 million.

Along with selling merchandise from thousands of brands, FirstCry also runs their own private labels called BabyHug (apparel) and CuteWalk (footwear).

FirstCry was founded by Supam Maheshwari and Amitava Saha. Maheshwari and Saha are also the co-founders of Xpressbees, which is an e-commerce logistics company. Before launching FirstCry, Maheshwari was co-founder and CEO of e-learning company Brainvisa Technologies.