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Feb, 13 2020

[Funding alert] Firstcry raises $296 mn funding from Softbank

The recent fundraise has taken Firstcry’s valuation to $1.2 billion. This means that the company is the latest to enter India’s unicorn club.

By News Editor
[Funding alert] Firstcry raises $296 mn funding from Softbank

Firstcry has secured $296 million in Series E funding round from Japan-based marquee investor Softbank’s Vision Fund.

This recent investment is the first tranche of the total $400 million funding that has been committed by Softbank. The additional $100 million is reserved by Softbank to be invested on the second anniversary of the transaction in January 2021.

Under the deal, the Pune-based baby products marketplace has issued 7,31,66,665 Series E equity shares to SVF Frog, a Cayman Island-based subsidiary of Softbank, at Rs 381 per share with a nominal value of INR 5.

The recent fundraise has taken Firstcry’s valuation to $1.2 billion. This means that the company is the latest to enter India’s unicorn club.

Business Growth

Firstcry was started by Supam Maheshwari and Amitava Saha in 2010. It provides different categories of baby and kids products from clothing to school essentials.

Firstcry has a retail footprint of more than 300 stores spread across 125 cities. It has strengthened its user base to over 4 million. The company claims to offer 2 Lakh baby and kids products across 2,000 brands.

The firm posted a revenue of Rs 535 crore in FY 2019. It further expects a revenue of Rs 2033 crore in FY20.

In 2019, SoftBank had committed $395.7 million in Firstcry. SoftBank invested $149.2 million in the company in January 2019. The remaining $246.49 million fund was kept for investing as and when called for in the next two years.

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