E-commerce firm Brainbee Solutions Pvt.Ltd. which runs FirstCry, an online portal for baby and maternity care has joined the bandwagon of fellow e-commerce portals like Flipkart and Myntra, by receiving a huge investment of $14mn (Rs. 68 cr) from technology investors IDG Ventures India and SAIF Partners.In April last year, FirstCry raised $4Mn series funding from SAIF Partners.
Since its inception in 2010, Brainbee Solutions operates FirstCry.com and Goodlife.com. An e-tailer Goodlife.com boasts products ranging from skin creams, facewash and other healthcare products. While, FirstCry.com’s catalogue includes infant accessories (diapers, toiletries, baby food, stroller, furniture), apparel, footwear, books, toys etc. for children up to the age of 15 years. The company has tied up with more than national and international brands like Hotwheels, Disney, Funskool, Barbie, Zapak and many more.
“The FirstCry and GoodLife brands have achieved clear leadership in e-commerce for both baby and beauty products. We will continue this dominance and will also extend this position into new categories. We are delighted to have IDG Ventures as an investor given their successful track-record with Internet companies globally. We plan to use the funds to focus on providing customer delight by extending our product selection, shipping from multiple warehouses and investing to enhance the overall customer shopping experience,” says Supam Maheshwari, Founder and CEO of Brainbees.
The investment will be utilized for marketing, adding new business categories and brands, and expanding warehousing space. In addition, Brainbees will accelerate its growth in existing categories, recruit employees for expanding the supply chain and overall customer experience.
Brainbees was founded by Supam Maheshwari and Amitava Saha. The founding team of Brainbees previously worked together at Brainvisa Technologies, which was led by Supam Maheshwari and had a successful exit.
Manik Arora, Founder and Managing Director of IDG Ventures India Advisors, said, “IDG is delighted to invest in Brainbees Solutions, the #1 online company in both the baby and beauty products market. This is over a $10 billion market, which is well placed to move online. Supam and Amitava are seasoned entrepreneurial leaders who have clearly demonstrated their ability to build and scale-up a world-class organization. As early investors in Babycenter.com, the first global success story in this segment, IDG Ventures looks forward to partnering with Brainbees to rapidly extend the company’s leadership position.”
Ravi Adusumalli, Managing Partner of SAIF Partners said, “As early investors in Brainbees, we are happy to see Supam and his team grow the company at a tremendous pace. This second round of funding validates their market dominance. As active investors in Internet companies in Asia, we believe that Brainbees has all the makings of a successful company. It is sustaining its rapid growth trajectory and expanding its customer base while maintaining one of the highest repeat customer metrics in the industry.”
Over 60 % of sales for First Cry are generated from smaller towns across India. FirstCry.com now has highest repeat customer base in the Indian e-commerce industry of over 50 per cent. It is sustaining its rapid growth trajectory and expanding its customer base while maintaining one of the highest repeat customer metrics in the industry.
April 22, 2013, 5:55 am UTC
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