IDG, SAIF invest Rs68 crore in BrainBees
13 Feb 2012
Tech investors IDG Ventures India and SAIF Partners have invested Rs68 crore in BrainBees Solutions, a Pune-based online retailer, which runs baby-care portal FirstCry and beauty and wellness portal GoodLife.
The investment comes just a week after a consortium of investors – including IDG – announced a Rs100-crore investment in online fashion retailer Myntra, and Flipkart, one of the largest online retailers in India, acquired Letsbuy, a smaller rival (See: E commerce site Flipkart acquires electronics goods peer Letsbuy)
The e-commerce segment has suddenly become active, especially after Amazon, the world's largest online retailer, announced plans to start operations in the country. The company recently announced the revival of Junglee.com, a comparison shopping site, which it had acquired a decade ago (See: Online retailer Amazon goes Junglee.com in India).
Last week, the Foreign Investment Promotion Board (FIPB) also cleared Amazon's proposal to set up a logistics unit in India. Amazon plans to invest Rs15 crore in a subsidiary that will provide courier services.
With nearly 100 million internet users in the country, the e-commerce market in India is expected to surge over the coming months. Analysts expect the sector to double in size to nearly $25 billion by 2015.
BrainBees, which launched operations in 2010, started FirstCry.com as a portal for kids, baby-care and maternity-care. It offers top international and national brands for new-born babies and their mothers, including diapers, baby food, strollers and toys.