IPO-Bound FirstCry Posts Rs 5,633 Crore Revenue In FY23, Loss Widens

IPO-bound FirstCry has posted an increase in revenue from operations in FY23 even though its expenses spiked and loss widened.

The Pune-based unicorn, registered as Brainbees Solutions Ltd., reported a consolidated revenue from operations of Rs 5,632.5 crore in FY23, up from Rs 2,401.2 crore in the previous financial year, according to financials sourced from Tofler.

However, its loss widened to Rs 486 crore from Rs 78.6 crore in FY22. That was mostly on account of a more than twofold rise in expenditure from Rs 2,595.6 crore to Rs 6,271.2 crore, largely driven by the cost of raw materials it acquired. The company was profitable in FY21.

The Supam Maheshwari-led company is preparing for an initial public offering. It aims to raise $500-600 million (about Rs 4,000-Rs 4,800 crore) at a $4 billion valuation, Moneycontrol reported.

In August, the family office of Manipal Group, led by Chairperson Ranjan Pai, Harsh Mariwala's Sharrp Ventures and the family office of DSP Investment Managers Chairman Hemendra Kothari had cumulatively purchased about Rs 435 crore worth of equity in FirstCry. Softbank Vision Fund sold a small percentage of its holding as a part of this transaction.

FirstCry, launched in 2010, sells a wide range of products for babies, kids and mothers through online and physical stores. It has raised about $425 million till date and turned unicorn in 2020 when SoftBank invested around $300 million.