FirstCry, the Pune-based online baby and infant care products retailer is in talks with Japan-based investment firm Softbank and China’s Alibaba to raise around $200 million of capital, according to an Economic Times report.
If Softbank and Alibaba continue with the deal, FirstCry’s valuation will grow twice to $800-900 million in comparison to its current valuation of $350 million. According to sources, investment bank Morgan Stanley is assisting FirstCry to crack the deal with Softbank.
There are speculations that FirstCry is in discussion with Singapore’s sovereign wealth fund Temasek Holdings and China’s e-commerce giant Alibaba to participate in the round. However, FirstCry has not confirmed any part of the deal.
Founded by Amitava Saha and Supam Maheshwari in 2010, FirstCry provides an online platform which sells baby products including footwear, toys, skincare, food etc. The startup has grown to more than 125 cities and expanded its presence through 300 offline brick and mortar stores.
The startup offers more than 2 lakh products across 2,000 different brands including Pampers, Medela, FunSkool and Johnson & Johnson. The startup has raised $34 million in a series D round of funding led by Vertex Ventures in 2016.
The startup has raised a total of $100 million in capital across all funding rounds since its inception. FirstCry is backed by prominent investors like SAIF Partners, Mahindra, Chiratae Ventures, Temasek Holdings, Valiant Capital Partners and Infosys’ Kris Gopalakrishnan.
FirstCry’s competitors include MamaEarth, BabyChakra and BabysWorld, among others. The baby and mother care market in India has huge opportunities ahead.