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March 25, 2013

Deal Alert: SVB India provides venture debt to Firstcry.com's parent firm

SVB India Finance has provided a Venture Term Loan to Pune-based Brainbees Solutions India Private Limited, the company which operates the online and offline kids products retailer FirstCry.com. The company also has an online portal for personal care and beauty products (goodlife.com) that was launched in December 2011.

Brainbees engages in an offline franchisee model that was started in June, 2011 with 16 operational franchisees across India. It has a target to reach up to 50 within a year's time. Currently 20% of the company's sales are through their own logistics network but the plan is to move this to 80% by the end of the year. The company also plans to expand its product range to household goods which will increase margins at goodlife.com.

From the Venture Intelligence PE Deal database: In April 2011 Saif had invested $4 million and in February 2012, Saif and IDG Ventures had invested $14 million in FirstCry.

Source: Press Release

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