Brainbees Solutions, the India-based operator of childcare products retailer FirstCry, has secured $150m from the Vision Fund, managed by internet and telecommunications conglomerate SoftBank, VCCircle reported today citing a regulatory filing.
The investment, made by the Vision Fund rather than SoftBank directly as reported on Friday, is the first tranche of a round with a $400m target. FirstCry was valued at $850m for the first close, with the full round set to value the business at $975m to $1.1bn.
It is not clear whether SoftBank will provide the full amount, as most recent reports suggest, or if additional backers, such as the previously rumoured Singapore government-owned investment firm Temasek, will join the second close.
Founded in 2010, FirstCry operates an online shop and 183 brick-and-mortar stores across 29 Indian states that sell baby, child and mothercare products such as toys, clothing, high chairs and parenting books.
FirstCry will use the cash to scale its multimedia parenting platform and develop a range of own-brand labels. Money will also go towards increasing the company’s online and offline footprints, with 17 additional stores set to open in the near future.
FirstCry has now raised approximately $275m in funding. Conglomerate Mahindra Group contributed to a $34m round in 2016 alongisde IDG Ventures India, Vertex Ventures, SAIF Partners, New Enterprise Associates, Valiant Capital, Adveq and private investor Kris Gopalakrishnan.
