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Updated: Mahindra Group acquires Accel Partners & Tiger Global backed Babyoye

Update: An official spokesperson of Mahindra Partners has confirmed this deal to Medianama, though they declined to reveal the specifics of the deal at the moment. Earlier: Baby products focused e-commerce venture Babyoye.com has been acquired by the Mahindra Group. Though the company hasn't made an official announcement yet, a tweet from chairman & managing director of the Mahindra Group Anand Mahindra indicates that the deal has been completed. The financial details of the deal have not been disclosed.   And Baby Oye is now part of the Mahindra Group. Welcome! “@BabyOye: #1500 followers. Thank you from #teamBabyOye :)” — anand mahindra (@anandmahindra) February 2, 2015 In December last year, it was first reported that Mahindra Partners the emerging businesses arm of the Mahindra Group was in talks with Nest Childcare Services Pvt Ltd (which operates Babyoye) to acquire the company. The report mentioned that Mahindra Partners would be acquiring Babyoye through its retail arm Mahindra Retail. The Babyoye website currently informs that the site is owned and operated by Mahindra Internet Commerce Pvt Ltd. Mahindra Retail also operates the Mom&Me chain of stores that sells children and maternity products. The first Mom&Me store was opened in 2009, and currently operates over 100 stores across 45 cities in India. In December 2011 it launched an online store as well, momandmeshop.in. It also manufactures children and maternity products under its private labels. The acquisition of Babyoye is likely to help Mahindra Retail increase online sales. Last year in July, Mahindra Retail CEO…

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