India-based online baby store FirstCry scores $15M in Series C round
FirstCry.com, an Indian e-commerce site for babies and kids, has raised $15 million in a Series C funding. The round was led by Vertex Venture Management and was channeled through FirstCry owner Brainbees Solutions Pvt Ltd. Vertex is a subsidiary of Singaporean state fund Temasek Holdings, according to Bernama.
Existing Brainbees investors IDG Ventures India and SAIF Partners also participated in the Series C investment. Under the terms of the transaction, Joo Hock Chua of Vertex, Manik Arora of IDG, and Ravi Adusumalli of SAIF, will join FirstCry's board, the report detailed.
The online store plans to further expand its online, offline and mobile presence through the new capital it received, the report added.
Adusumalli, a managing partner at SAIF, commented: "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 offering."