Digital baby store, Babydash has successfully raised RM1.27 million. This bridge funding round is a prelude to future fundraising rounds with institutional investors and prominent VCs. For the bridge, Babydash once again received strong community interest, majority of whom are its users and parenting community.
This raise also saw the participation of the Malaysian Government via the Malaysia Co-Investment Fund (MYCIF) further strengthening its support for the digitalisation of the economy and its confidence in Babydash.
Babydash is a one stop online shopping destination that provides the largest range of genuine, curated, high quality mum & baby products at the best prices. With its customer-first ethos, Babydash prioritises fast delivery, prompt customer guidance and care. As customers increasingly rely on e-commerce solutions during this pandemic, Babydash has provided parents with an invaluable helping hand to meet their needs.
This is Babydash’s 2nd round of fundraising via equity crowdfunding (ECF) on pitchIN. Their first raise (mid-2017) closed a RM2 million round. The funds were successfully used to grow the business, as revenues grew 3x, with an average growth rate of 46% year-on-year.
Over the last few months, Babydash has been investing in new technology which enhances customer experience as well as its data analytics capabilities, delivering on its primary goal of serving customers better. Investment proceeds from this campaign will drive Babydash into the next phase, boosting their lead and market presence in Malaysia and growing the Singapore market as they expand their roots across the region.
Babydash was founded 10 years ago in a nascent market, and has grown into a financially disciplined digital business. They have built a trusted and reputable brand, having tested and measured many strategies over the years in this dynamic market landscape.
Having raised capital quickly, they are now doubling down on key targeted activities to aggressively expand their customer and product base. They aim to drive up revenue per transaction while expanding their footprint in ASEAN leading towards their goal of doubling the size of the company in the next 12-18 months.
Babydash has also evolved and reprofiled to cater for customers’ ever-changing retail demands. While large online marketplaces are growing, there is a clear shift in consumer preferences as customers have shown us that they are looking for specialised platforms such as Babydash where the trust factor is extremely high.
When one does a transaction offline, that’s the end of the transaction. Whereas when you transact online via Babydash, it’s the start of a relationship. Customers continue to grow their spend, affirming their need for higher quality, reliable products that meet the safety requirements and confirming their loyalty to Babydash in this convenient, safe, contactless environment.
Lavinie Thiruchelvam, Chief Executive Officer and Founder of Babydash said, “On behalf of the Babydash Team, I would like to take this opportunity to thank all our investors for their tremendous support. We are extremely excited about the opportunity and path forward. pitchIN too has definitely been a strong pillar for our success and we would like to extend our utmost appreciation for their continuous partnership.”
pitchIN Chief Strategy Officer Kashminder Singh said that, “Babydash is one of the many success stories this year for pitchIN. One of Babydash’s key values in their success is that they have been constantly visible from the get-go with a sound business proposition.”
Kashminder also noted, “pitchIN has, in just the first 6 months of 2021, surpassed fundraising figures in the recent years, despite the Covid-19 pandemic that has affected businesses everywhere. We are pleased that investors have continued to invest in deals at pitchIN, enabling great companies like Babydash to be funded. pitchIN is on track to record sharply higher performance this year, with many more deals coming up soon.”