Brainbees Solutions Expanding its Market Presence with Rs. 70 Crore Funding Date:   Monday , March 05, 2012 Brainbees Solutions has raised around Rs. 70 crore in Series B funding led by IDG Ventures and SAIF Partners. SAIF Partners had previously invested around Rs. 20 crores in the company. Brainbees plan to use the fund to focus on enhancing their product range, category expansion, multi-city warehousing, back end processes, marketing-in nut shell-single focus, i.e., enhancing the customer experience and generating calibrated growth. Founded by Supam Maheshwari and Amitava Saha in September 2010 out of Pune, Brainbees owns the FirstCry.com and GoodLife.com brands. FirstCry is a baby care online portal that offers products from leading national and international brands for mothers, and kids. GoodLife is a beauty care e-commerce portal that offers a large selection of health, wellness and beauty products. "Within 12-13 months, we have captured the market leadership by a huge margin, operating matrices of our business are excellent, highest number of SKUs on both portals across industry, lower customer acquisition cost by cross selling of products to two sites, inhouse built processes and demonstrating high repeat purchase behavior led to sizeable PE investment," added Maheshwari. "The FirstCry and GoodLife brands have achieved clear leadership in e-commerce for both baby and beauty products. We will extend this position into new categories. We are delighted to have IDG Ventures as an investor given their successful track-record with Internet companies globally," says Supam Maheshwari, Founder and CEO, Brainbees. As per the deal, Manik Arora from IDG Ventures India joins the board of the company along with Ravi Adusumalli and Mukul Arora from SAIF Partners. "IDG is delighted to invest in Brainbees Solutions. This is over a $10 billion market, which is well placed to move online. Supam and Amitava are seasoned entrepreneurial leaders who have clearly demonstrated their ability to build and scale-up a world-class organization," says Manik Arora, Founder and Managing Director, IDG Ventures India Advisors. "As early investors in Brainbees, we are happy to see Supam and his team grows the company at a tremendous pace. This second round of funding validates their market dominance. As active investors in Internet companies in Asia, we believe that Brainbees has all the makings of a successful company," says Ravi Adusumalli, Managing Partner, SAIF Partners.