The acquisition comes close on the heels of its rival and leading baby-related products e-tailer Firstcry’s US$26 million funding
Indian multinational conglomerate Mahindra Group has acquired Babyoye, an online shop for baby care products. The transaction details are not disclosed.
“And Babyoye is now a part of the Mahindra Group. Welcome Babyoye #1500 followers,” tweeted Anand Mahindra, Chairman and MD, Mahindra Group.
“We are delighted to be a part of the Mahindra family,” tweeted Sanjay Nadkarni, Founder, Babyoye.
The Babyoye acquisition comes close on the heels of its rival and leading baby-related products e-tailer Firstcry’s US$26 million funding from San Francisco-based hedge fund Valiant Capital Partners, with participation from existing investors IDG Ventures India, Vertex and SAIF Partners.
Babyoye, run by Mumbai-based Nest Childcare Services Pvt Ltd, was launched in 2010 by the husband-wife duo of Sanjay Nadkarni and Arunima Singhdeo. Babyoye, which faces stiff competition from the likes of Firstcry and other horizontal e-commerce sites such as Flipkart, Amazon and Snapdeal, raised US$12 million from Tiger Global, Accel Partners and Helion Venture Partners in 2012. Around the same time, the company had snapped smaller competitor Hoopos.com in an all-stock deal.
Previously, it had raised an undisclosed amount in funding from Tiger Global and Accel in 2011.
Mahindra Group is a multi-billion business conglomerate with interests in automobile, IT services, retail, finance, and hospitality. The group also owns baby-care stores chain under the Mom & Me brand. As per its website, there are 110 outlets of Mom & Me across the country.
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