FirstCry, an omnichannel unicorn startup, secured Rs 435 cr (around USD 58 mn) in a secondary deal from three Indian family offices.
The investors are the DSP family office of Hemendra Kothari, the MEMG Family Office of Ranjan Pai, and Sharrp Ventures, owned by Harish Mariwala, as per reported by BW Disrupt.
The new financiers, who bring along a wealth of knowledge and experience in scaling big enterprises in India, are warmly welcomed, according to FirstCry CEO Supam Maheshwari.
FirstCry will benefit from the financing while it works to file for an initial public offering (IPO) the following year. By the end of the year, the company will probably file the draft IPO documents.
Right now, FirstCry is worth about $3 billion. Investors include SoftBank, Premji Invest, Mahindra Retail, and TPG who each contributed more than USD 1 billion to the company’s financial total.
The secondary purchase indicates that investors have faith in firstcry’s business and future prospects. The business is well-positioned to benefit from India’s growing interest in online shopping for women’s and children’s products.
The FirstCry app is a one-stop shop for purchasing baby, children’s, and maternity supplies. It also provides access to expert-validated advice and ideas on parenting, child development, pregnancy, and other topics.