FirstCry aims to double company's valuation by raising upto $200 mn

Baby and mother care retailer FirstCry is looking to raise $150-180 million in secondary funding which is expected to double the company's valuation is less than 2 years.

Last year in February, the company raised $296 million (Rs 2,120 crore) in Series E funding from Softbank Vision Fund, pushing the startup into the unicorn club.

The upcoming round of funding includes investors like TPG Growth, Premji Invest, and ChrysCapital to acquire a stake in the company, the report said. It further added that this will allow the early-stage investors to exit the company.

"Some of the company's early backers might be looking to sell their stake, fully or partially," said the report citing a person with the knowledge of the matter.

Reportedly, the company had a revenue of Rs 887.5 crore in FY2020, a 65.8% higher than the previous year that helped in slashing its losses by 82.5 percent to Rs 162.7 crore during the period, according to its annual financials sourced from business intelligence platform Tofler.

The company is also looking at going initial public offering (IPO) way over the next two years. It started its operations in 2010 and acquired BabyOye from Mahindra in 2016. The company claims to have over 2 lakh unique products, along with 7.5 million registered users and 5800 brands on its shelves.