Growth capital firm SAIF Partners, the existing investor in Brainbees, participated equally in the round, having earlier invested $4m in the company in May 2011. Following the deal, Manik Arora from IDG Ventures India will join Ravi Adusumalli & Mukul Arora from SAIF Partners on the board of the company.
Pune-based Brainbees started operations in late 2010, and was founded by Supam Maheshwari and Amitava Saha. The founding team of Brainbees previously worked together at Brainvisa Technologies, led by Maheshwari.
The company currently has one warehouse in Pune from where it ships products to over 2,000 towns and cities across India.
Manik Arora, founder and managing director of IDG Ventures India Advisors, said, “IDG is delighted to invest in Brainbees Solutions. This is over a $10bn 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 organisation. As early investors in Babycenter.com, the first global success story in this segment, IDG Ventures looks forward to partnering with Brainbees to rapidly extend the company’s leadership position.”
Ravi Adusumalli, managing partner of SAIF Partners added, “As early investors in Brainbees, we are happy to see Supam and his team grow the company at a tremendous pace. This second round of funding validates their market dominance.”
IDG Ventures India manages a $150m venture capital fund focused on sectors such as outsourced services, design engineering, electronics and hi-tech manufacturing, consumer internet and digital media, software products, semiconductors, telecom infrastructure, consumer mobile services, retail financial services and emerging technology-enabled sectors.
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