Mahindra Group Acquires Mumbai Based Venture BabyOye
Babyoye.com-a Mumbai base e-commerce venture focused on baby products has been acquired by Mahindra Group. Anand Mahindra, Chairman and Director of Mahindra Group tweeted and indicates that the deal has been made. The financial details of the deal has not yet been disclosed.
“We are all delighted to be a part of the Mahindra family.” Sanjay Nadani founder of BabyOye Also Tweeted”
Founded in 2010 the online by Sanjay Nandkarni and Arunima Singhdeo, the online store provides a wide range of products related to pregnancy infant care and mother care products and services. Babyoye had earlier acquired and merged rival baby care products Hopoos in April 2013. Previously Bollywood actress Karishma Kapoor had invested an undisclosed amount in the company.
Last year also Mahindra Retail was looking to grow its online presence by tying up with online marketplaces like Flipkart, Amazon and Snapdeal, but the deal shows that they have adopted a different approach now.
While Mahindra Retail also operates the Mom&Me chain of store, that sells children and maternity products. The store first opened in 2009 currently operates over 100 stores across 45 cities in the country. They also manufacture children and maternity products and also has an online store as well ‘momandmeshop.in’. The acquisition is likely to help Mahindra Retail increase their online sales presence.