FirstCry.com, an e-commerce venture focusing on babycare and kids products has raised $4 million from PE fund, SAIF Partners, reports The Economic Times. The company intends to use the funding to hire employees, expand supply chain, set-up warehouses and increase product range.
Recently, another baby products venture, BabyOye.com had raised $2.5 million in a funding round led by Accel Partners, with participation from Tiger Global. Hushbabies.com is another competitor. Investors like Accel believe that Baby products focussed e-commerce ventures are gaining momentum, owing to the absence of an organized retail platform offline, that can offer baby products, specially baby products from international companies.
Operating out of Pune, Maharashtra, FirstCry was founded by IIM graduates, Supam Maheshwari and Amitava Saha. It currently offers more than 4,000 products from Indian and International brands like Mattel, Pigeon, Funskool, Hotwheels, Nuby, Disney and pampers, among others, sourcing them from 150 vendors. The site ships orders to locations within India, from its own warehouse, and offers free home delivery on orders over Rs 1,000.
FirstCry aims to increase the number of product offerings to 15,000 by the end of 2011, according to ET. It claims to receive 10,000 daily visitors and targets 1,000 transactions per day in the next three months.
SAIF Partners invested $3 million in online, community-based apparel store Inkfruit, in January 2011. Last year, SAIF Partners and One97* had committed $100 million investment fund for co-investing in mobile VAS companies.