FirstCry.com is the latest Indian e-commerce company to scoop up funding. The startup, which is based in Mumbai, announced that it has raised $26 million led by Valiant Capital Partners. Existing investors also returned for the round, which brings the total FirstCry has raised so far to $55 million.
India’s e-commerce market is one of the fastest-growing in the world and expected to be worth $43 billion by the end of this decade. Unlike e-commerce giants like Flipkart and Snapdeal, both of which have received significant rounds of funding, FirstCry stands out by focusing on baby products.
According to the Economic Times, which first reported the raise, the baby care product market in India is worth $10 billion, but only 5 percent of transactions are done through online retailers, leaving plenty of room for growth. In addition to its website, however, FirstCry.com also taps into offline sales with a franchise network of over 100 brick-and-mortar stores in 85 cities.
The company plans to use its latest funding to expand its offline presence by adding 400 new stores over the next three years. FirstCry.com’s founders have also said that they plan to expand into other verticals, including family care products.Featured Image: Shutterstock