Indian omnichannel retailer, FirstCry, has witnessed significant growth in its operating revenue as it prepares for its forthcoming initial public offering (IPO). According to regulatory filings, FirstCry’s operating revenue for the fiscal year ended March 2023 has more than doubled year-on-year, reaching ₹5,632 crores. This substantial increase comes alongside a noteworthy surge in total loss, which soared over six times to ₹486 crore.
The majority of FirstCry’s operating revenue, amounting to ₹5,519 crore, was generated through the sale of products. FirstCry, a Pune-based company, operates approximately 1,000 retail stores across India, in addition to its ecommerce subsidiary, Globalbees. Its online channels and physical stores offer a wide range of products catering to mothers and babies.
The fiscal year of 2022-2023 witnessed a surge in total expenses for FirstCry, reaching ₹6,315 crore, marking an increase of nearly 150% compared to the previous fiscal year. This spike in expenses can be attributed largely to the purchase of stock, which stood at ₹3,117 crore, followed by employee benefit expenses at ₹769 crore. The company also allocated substantial funds towards advertising and promotions (₹416 crore) and logistics costs (₹429 crore).
FirstCry is poised to file its draft IPO papers shortly, aiming to raise $500-600 million through the public offering. Though the company has not yet disclosed its IPO valuation, sources suggest it could reach up to $4 billion, surpassing its previous valuation of just under $3 billion. Notably, SoftBank Vision Fund, the largest shareholder in FirstCry, recently sold additional shares worth over ₹1,000 crore as part of the upcoming secondary share sale ahead of the IPO.
With its remarkable growth in operating revenue, FirstCry remains confident in its potential as it ventures into the public markets.
