The recent stock filings by Mahindra Retail confirm that it has “sold” its BabyOye business to FirstCry.com. With this acquisition, FirstCry.com seems to be the only original baby products business in India to survive and even thrive.
Here is a chronology of events in this industry
- 2009: Hushbabies.com is founded
- 2010: FirstCry.com is founded. BabyOye.com is founded
- 2011: Hoopos.com is founded.
- Apr 2013 : Babyoye.com acquires Hoopos.com. Hoopos name is eventually dropped
- Sep 2013: Hushbabies.com shuts down.
- Feb 2015 Mahindra Acquires BabyOye and drops its own brand Mom&Me. Expands retail stores to 120 stores
- Jan 2016: Ratan Tata invests in FirstCry.
- Oct 2016: Firstcry acquires BabyOye from Mahindra in an all-stock deal. Mahindra also invests an additional amount in FirstCry.
With this acquisition, FirstCry.com is arguably the largest online and offline (300 stores) baby products company in India. It is a great story of a vertical e-commerce business that grew to become a successful omni-channel business. This is also a defining moment in the Indian ecommerce industry!
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