Online store BabOye is now part of the Mahindra Group. Earlier BabyOye was run by Nest Childcare Products Private limited but now it’s in the name of Mahindra Internet Commerce Pvt. Ltd.
This acquisition was announced on twitter by a tweet from none other than Mahindra Group’s chairman and managing director Anand Mahindra. However, details of the acquisition have not been disclosed.
Mahindra Group also operates Mom&Me retail shops across India. Now with the acquisition of BabyOye, they may have a plan to expand its presence online.
BabyOye founded in the year 2010 by husband-wife duo Sanjay Nadkarni and Arunima Singhdeo. For the financial year ending March 2014, they reported a net loss of Rs 10.51 crore and a revenue of Rs 29.81 crore. A year ago they had reported revenue of Rs 18 crore and loss of Rs 15.1 crore. Babyoye competes with FirstCry and Hopscotch.
As per ET report Tiger Global, Accel Partners and Helion Venture Partners had together invested USD 14.5 million in the Mumbai-based BabyOye etailer over the past four years. “BabyOye is now no longer part of our portfolio. There is no cash involved in the transaction,” said a source in the one of the venture capital firms that had invested in Nest Childcare Services, the Mumbai-based company that owned BabyOye.