Firstcry.com to raise more funds next year

Online children-focused e-commerce player Firstcry.com has roped in acclaimed actor Amitabh Bachchan to as its brand ambassador. The company is also eyeing raising more funds again next year through a fifth funding round. So far it has raised 36 million dollars (over Rs 228 crores) in Series D funding led by venture capital firm New Enterprise Associates and San Francisco based Valiant Capital. It had bagged funds worth 10 million dollars (over Rs 60 crores) in the last round earlier this year.

FirstCry, launched in 2010 by Maheshwari and Amitava Saha, is owned by Brainbees Solution, a products supplier for pregnant women and kids. Operating through the omni-channel model, the brand also has over 120 exclusive stores across the country. Advertising firm Lowe Lintas will work on six campaigns featuring Bachchan to promote Firstcry label, which would be launched by the end of this week.

With increasing awareness about baby health and nourishment coupled with rise in purchasing power, there has been a growth in kids’ retail market in India. But the single category retailers trying to achieve success through online medium seem to have failed to do so. No wonder, Firstcry is pursuing brick-and-mortar route as well. Mahindra’s Mom and Me already enjoys considerable physical presence and acquisition of Babyoye would further strengthen their online positioning too.