FirstCry CEO Supam Maheshwari’s Monthly Remuneration Halves To INR 8.6 Cr In FY24

IPO-bound FirstCry’s cofounder and chief executive officer Supam Maheshwari’s monthly remuneration declined 49% to INR 8.6 Cr in the first three quarters of FY24 from INR 16.7 Cr in FY23.

As per the startup’s revised draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), Maheshwari’s remuneration stood at INR 77.5 Cr in the first nine months of FY24.

For comparison, Maheshwari received an annual remuneration of INR 200.7 Cr in the financial year ended March 31, 2023.

These compensation figures include short-term employment benefits and share-based payment accruals, while excluding provisions for gratuity, compensated absences, and other long-term employment benefits.

Maheshwari holds 2.89 Cr shares, or a 5.94% stake, in FirstCry, as per the revised DRHP. He sold over 60 Lakh shares of the startup before it filed its DRHP in December last year.

Founded in 2010 by Maheshwari and Amitava Saha, FirstCry is an omnichannel baby and kids marketplace. The startup converted into a public company last year, taking the first step in its journey to list on the bourses.

FirstCry has raised over $700 Mn in multiple rounds till date and counts the likes of SoftBank, Chrys Capital and Vertex Ventures among its backers.

The startup refiled its DRHP on Tuesday (April 30) after SEBI asked it to disclose certain key indicators which were missing in its first DRHP.

Its IPO offer remains unchanged from the earlier DRHP. It is looking to raise INR 1,816 Cr through a fresh issue of shares, while the offer-for-sale (OFS) component comprises 5.4 Cr equity shares.

The startup now plans to utilise the greatest chunk of the proceeds, INR 388.2 Cr, for investment in its subsidiary Digital Age Retail, which is into multi-brand retailing and operates FirstCry’s online platform and mobile application.

The kids-focussed omnichannel retailer posted a consolidated net loss of INR 278.2 Cr for the nine months of the financial year 2023-24 (FY24). Revenue from operations stood at INR 4,814 Cr during the same period.

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