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  • Expansion

IDG, SAIF inject $14m into Firstcry.com

  • Susannah Birkwood
  • 14 February 2012
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IDG Ventures India and SAIF Partners have led a $14 million Series B round for Indian e-commerce start-up Brainbees Solutions, which runs the First Cry and GoodLife websites. The deal is thought to be one of India’s biggest venture investments in a specialized online retailer.

Firstcry.com is a babycare portal, while the newly launched GoodLife site sells beauty and wellness products.

"We like to invest in online retailers with the potential for profit margins of 20-40% and we believe only vertical portals that sell single categories can offer such margins," said IDG Managing Director Manik Arora. "E-commerce is a game to be played very carefully. To win, you have to play big and capitalise well."

Pune-based Brainbees was established by Supam Maheshwari and Amitava Saha with the launch of FirstCry in December 2010. SAIF invested $4 million in a first round of funding for the company in April 2011.

Brainbees plans to use the latest capital injection to expand its product catalogue and number of brands, and invest in marketing and logistics, including adding new warehouses. It will also recruit extra staff.

IDG and SAIF - which participated equally in the round - will be represented on the company's board by Arora and SAIF's Ravi Adusumalli.

News of this deal merely adds to the signs that the country's e-commerce market is experiencing a significant growth spurt. Only last week, online retailer Flipkart purchased rival e-commerce platform Letsbuy.com for an estimated $25 million. Both companies are backed by Tiger Global Management and Accel Partners.

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