The AED 50 Mn investment in Firstcry Management DWC LLC, UAE will be further invested in the latter’s wholly owned subsidiaries based in the UAE and KSA
The investment will enable the growth of its business in the UAE and Saudi Arabia, FirstCry said
FirstCry reported a consolidated net loss of INR 75.7 Cr on an operating revenue of INR 1,652.1 Cr in Q1 FY25
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Recently listed omnichannel kids-focussed brand FirstCry’s parent entity Brainbees Solutions Limited has announced an investment of AED 50 Mn (INR 114.1 Cr) in its UAE subsidiary, Firstcry Management DWC LLC.
The startup’s announcement came along with its June quarter (Q1) results for the financial year 2024-25 (FY25). It reported a consolidated net loss of INR 75.7 Cr on an operating revenue of INR 1,652.1 Cr in Q1 FY25.
In an exchange filing, the startup said its board considered and approved further investment of AED 50 Mn in Firstcry Management DWC LLC, UAE, its wholly owned subsidiary, which will further invest an amount not exceeding SAR 31 Mn (about INR 69.3 Cr) in Firstcry Trading Company, KSA.
The balance amount will be invested in Firstcry Retail DWC LLC, UAE, another wholly owned subsidiary of Firstcry Management DWC LLC, UAE.
The investments in Firstcry Retail DWC LLC and Firstcry Trading Company are for meeting working capital requirements. The investment will enable the growth of the business in the UAE and Saudi Arabia, FirstCry said.
As per the company’s filing, Firstcry Management DWC LLC, UAE was incorporated on April 4, 2019 in the UAE.
This wholly owned subsidiary has a paid-up capital of AED 240 Mn (INR 547.8 Cr) while its turnover, as of the year ended March 31, 2024 (FY24), stood at AED 1.66 Mn (INR 3.6 Cr), declining over 39% year-on-year.
Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is an omnichannel baby and kids marketplace. It got listed on the BSE and NSE at 34% and 40% premium, respectively, earlier this month.
Besides the investments in its Middle East business, FirstCry also said that its investor Mahindra & Mahindra Limited will appoint a nominee director on the board of the company. It is pertinent to note that M&M raked in the biggest gains, over 6X, from the startup’s IPO.
Ahead of Q1 earnings today, shares of FirstCry ended the trading session about 2% higher at INR 641.4 on the BSE.
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