FirstCry, the e-commerce unicorn preparing for a public market debut, has witnessed a significant surge in its revenue from operations, jumping 135 percent from Rs 2,401 crore in FY22 to Rs 5,633 crore in FY23. The Pune-based startup, known for its wide range of baby products, experienced heightened demand for its offerings, contributing to this impressive growth.
Despite the revenue boost, FirstCry also saw a notable increase in its net loss, which widened by 515 percent from Rs 79 crore in FY22 to Rs 486 crore in FY23, according to filings sourced via Tofler. The surge in losses can be attributed to the company’s mounting expenses during the fiscal year.
FirstCry’s total expenses rose substantially from Rs 2,568 crore in FY22 to Rs 6,316 crore in FY23, marking a 146 percent year-on-year change. This increase was primarily driven by higher employee-related expenses, finance costs, and other expenses, including procurement costs.
The startup’s financial performance comes ahead of its anticipated initial public offering (IPO) filing with the Securities and Exchange Board of India (SEBI). FirstCry is reportedly aiming to raise $500 million through its IPO, with 60 percent of the amount earmarked for the offer for sale (OFS) component and the rest for the primary segment.
As part of its IPO preparations, early investors in FirstCry have been reducing their stakes in the company to make way for new investors. Notably, SoftBank, one of the startup’s early backers, recently sold shares worth Rs 630 crore in FirstCry. The shares were reportedly acquired by family offices of prominent individuals such as cricketer Sachin Tendulkar, Infosys co-founder Kris Gopalakrishnan, and Ravi Modi of Manyavar, among others, in a secondary transaction.
With its robust financial performance and preparations for its public market debut, FirstCry is poised to make a significant impact in the e-commerce space, particularly in the segment of baby products and essentials.
