FirstCry has generated INR 4,814 Cr revenue from operations for the first nine months in FY24
Meanwhile, FirstCry reported a total expenditure of INR 5159.8 Cr for the period under review
The startup’s biggest expense continues to be its procurement cost, which stood at INR 3,108.1 Cr
Kids-focussed omnichannel retailer firstcry
posted a consolidated net loss of INR 278.2 Cr for the nine months ending December 2023 in the financial year 2023-24 (FY24).
The Pune-based startup posted a consolidated net loss of INR 486 Cr in the full financial year 2022-23 (FY23), a 518% increase from INR 78.6 Cr in the previous fiscal year.
FirstCry has generated INR 4,814 Cr revenue from operations for the first nine months in FY24, according to the latest DRHP. The IPO-bound startup’s operating revenue rose 135% to INR 5,632.5 Cr in FY23 from INR 2,401.2 Cr in the previous fiscal year.
It is pertinent to note that the omnichannel marketplace has refiled its draft red herring prospectus (DRHP) on Tuesday (April 30) after markets regulator Securities and Exchange Board of India (SEBI) claimed that it failed to disclose certain key indicators in its draft papers filed last December.
Where Did FirstCry Spend?
Meanwhile, FirstCry reported a total expenditure of INR 5,159.8 Cr for the period under review. The company posted a total expenditure of INR 6,315.6 Cr in FY23.
“We have incurred losses for the nine months ended December 31, 2023, and financial years 2023 and 2022 and we may incur losses in the future. Our total expenses exceeded our total income during the nine months ended December 31, 2023 which resulted in a loss of INR 278.2 Cr,” the company said in its DRHP.
The startup’s biggest expense continues to be its procurement cost, which stood at INR 3,108.1 Cr in the period. In FY23, the startup’s procurement cost was INR 3,935.3 Cr.
FirstCry spent INR 370.4 Cr to pay staff salaries, gratuity, PF and other employee welfare benefits. It spent INR 769.8 Cr in FY23 for employee benefit expenses. In addition, an employee share-based payment expense of INR 133.8 Cr was recorded during the period.
Moreover, the startup spent INR 365 Cr on its advertising and sales promotion. The startup’s advertising costs were at INR 416.4 Cr for the entire FY23.
Founded in 2010 by Supam 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.
Through its IPO, the SoftBank-backed startup will be raising INR 1,816 Cr through fresh issue of shares, while the offer-for-sale (OFS) component comprises shareholders selling 5.4 Cr equity shares.
Shareholders, including SoftBank, Premji Invest, TPG Growth and Mahindra among others, will participate in the OFS.
