Firstcry will launch India’s largest Thrasio-style investment venture with $75 million in from investors such as ChrysCapital, SoftBank, TPG, and Premji Invest.
The model is popularised by US-based company Thrasio, which is the globe’s biggest acquirer of third-party businesses on the e-commerce platform Amazon and has raised $1.7 Billion in debt and equity. It is presently worth $4Billion approximately. This model is fast catching pace in India where there is a massive growth in the number of upcoming smaller brands. We have about 8,50,000 vendors selling online on the Amazon India platform, of which 4,152 vendors crossed INR 1 crore in their sales each.
In March 2021, a panel of private equity investors – ChrysCapital, TPG, and Premji Invest – have together invested $315 million in Firstcry, pushing up the valuation of the Pune-based company to the bracket of $1.9-$2.1 billion.
Firstcry was founded in 2010 as a retail store catering to children’s products. It presently has over 100 retail stores in India. FirstCry acquired BabyOye in 2016 for INR 362 Crore, which was earlier owned by the Mahindra Group.