India-based babycare product retailer FirstCry has extended its series D round, already featuring media company IDG’s corporate venturing affiliate IDG Ventures India, to $36m, LiveMint reported yesterday.
The series D round was led by venture capital firms Valiant Capital and New Enterprise Associates, the latter of which only joined for the second tranche.
IDG, Valiant, Vertex Venture Holdings, which acts as the venture capital vehicle of Singapore’s sovereign wealth fund Temasek, and SAIF Partners provided the initial $26m in February 2015.
Brainbee Solutions, the parent company of FirstCry, has raised $69m to date. IDG first invested in the company’s $14m series B round in 2012 before returning for a $15m series C in January 2014.
FirstCry operates a network of physical franchise stores across 100 cities as well as an e-commerce website. When raising the initial tranche, the company announced plans to expand to another 100 cities this year and a total of 400 cities by 2018.
FirstCry will also increase the product range of its own product label, BabyHug, with the aim of increasing revenue share from the label from 25% to 35%.