Indian online baby products retailer FirstCry is talking with potential investors, including Singapore government investment fund Temasek Holdings, to raise equity financing of about US$100 million (Rs665 crore).
FirstCry owner Brainbees Solutions is ultimately seeking to raise $400-500 million, reports The Economic Times. The Pune-based company was estimated to be worth $300-350 million when it last raised capital 12 months ago.
Two years ago, FirstCry spun off its logistics arm Xpressbees Logistics as an independent business. A year ago it acquired Mahindra Retail for about Rs362 crore. The Mahindra Group subsidiary owned the Babyoye brand.
Government-backed investment company Temasek manages assets worth about $275 billion globally. In India it has backed online marketplace Snapdeal, automobile classified portal CarTrade, and online insurance aggregator PolicyBazaar, as well as other companies.
Meanwhile, India’s baby and child-specific product market is expected to grow at a CAGR of 8 per cent, reaching Rs2940 crore by 2021, according to a Euromonitor report.