FirstCry parent BrainBees Solutions refiled its DRHP with SEBI with updated financials after the markets regulator pressed for additional key performance indicators
The Pune-based startup clocked sales of INR 4,814 Cr and reported a loss of INR 278.2 Cr in the first nine months of the fiscal year ended March 2024
The startup’s IPO will comprise a fresh issue of shares worth INR 1,816 Cr and an offer for sale component of 5.4 Cr equity shares
BrainBees Solutions Ltd, the parent of kids-focussed omnichannel retailer firstcry
, refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) earlier this week.
As per the DRHP, the startup’s initial public offering (IPO) will comprise a fresh issue of shares worth INR 1,816 Cr and an offer for sale (OFS) component of 5.4 Cr equity shares.
The startup refiled the DRHP after markets regulator SEBI raised questions over the key metrics disclosed by it in its earlier DRHP, filed in December last year.
Japanese tech investor SoftBank, US-based private equity firm TPG, NewQuest, Mahindra & Mahindra Ltd are among the investors who will offload the shares via the OFS, as per the latest DRHP.
The startup will use the proceeds from the fresh issue of shares for overseas expansion, inorganic acquisition, among others.
Notably, FirstCry clocked sales of INR 4,814 Cr and reported a loss of INR 278.2 Cr in the first nine months of the fiscal year ended March 2024 (FY24).
Let’s take a look at the key managerial personnel and senior management of FirstCry as it prepares for its Dalal Street debut.
Supam Maheshwari — Cofounder, Managing Director & Chief Executive Officer
An IIM-Ahmedabad alumnus and Delhi College of Engineering (Mechanical) graduate, Supam Maheshwari owns a 5.94% stake in Firstcry.
Maheshwari was paid a total remuneration of INR 77.5 Cr in the first nine months of FY24. Further, he received a sitting fee of INR 3.67 Cr in FY24.
Maheshwari has been on FirstCry’s board since its inception. His entrepreneurial journey began when he cofounded Brainsiva Technologies with Amitava Saha.
Sanket Hattimattur — Executive Director and Chief of Staff
A commerce graduate from University of Mumbai, Sanket Hattimattur oversees key initiatives at FirstCry’s India business and is responsible for the overall management of the company.
For the first nine months ended December 31, 2023, Hattimattur received salary and allowances to the tune of INR 8.3 Cr. Additionally, he was paid a sitting fees of INR 1.75 Cr.
Prior to joining FirstCry, he worked at Brainvisa Technologies, Deutsche Bank Group and Tata AIG Life Insurance.
Gautam Sharma — Group Chief Financial Officer
Gautam Sharma, the group financial officer at FirstCry, received a total compensation package of INR 1.64 Cr in FY24. A graduate of Gujarati Commerce College, Indore, Sharma is also an associate member of the Institute of Chartered Accountants of India and a fellow member with the Institute of Company Secretaries of India.
Prior to joining FirstCry, Sharma worked with companies such as Birla Ericsson Optical and Reliance Industries among others.
Prashant Jadhav — Cofounder & Chief Technology Officer
FirstCry chief technology officer Prashant Jadhav owns a 1.44% stake in the startup and is responsible for the IT function in the company. He earned a bachelor’s degree in arts (Politics) from Shivaji University, Kolhapur and took home an annual remuneration of INR 1.9 Cr in FY24.
Before joining FirstCry, Jadhav worked with Brainvisa Technologies, an e-learning platform cofounded by Maheshwari.
Manjula Rao — Chief Human Resources Officer
Manjula Rao, chief human resources officer at FirstCry, heads the HR function in the company. Rao received a remuneration of INR 69.3 Lakh in FY24.
Rao pursued her bachelor’s degree in commerce from University of Pune and then earned master’s degree in personnel management from the institution. Prior to joining FirstCry, Rao worked with firms like Project Concern International, Population Services International and Saertex India Private Limited
Abhinav Sharma — Country Head, Middle East – FirstCry Management
Abhinav Sharma is the head of the company’s business in the Middle East and is responsible for international expansion in the region. A mechanical engineering graduate of Maharashtra Institute of Technology, Sharma has also pursued a master’s degree of science in industrial engineering from the University of Texas.
Before joining FirstCry, Sharma worked with Fossil Inc and Flipkart India. He also served as a General Manager at FirstCry Trading. His aggregate compensation in FY24 stood at INR 2 Cr.
Nitin Agarwal — Chief Executive Officer – Globalbees Brands
An alumnus of IIT Delhi, Nitin Agarwal serves as the chief executive officer of Globalbees Brands, a subsidiary of FirstCry. Agarwal received a total compensation of INR 99.7 Lakh in FY24 and was previously associated with Wecash India Private Limited and Edelweiss Financial Services Limited.
Neelam Jethani — Company Secretary & Compliance Officer
Neelam Jethani is responsible for the compliance framework at FirstCry. In FY24, Jethani received a remuneration of INR 24.7 Lakh in FY24.
Jethani holds a bachelor’s degree in law from Savitribai Phule, Pune University and is also an associate of the Institute of Company Secretaries of India. Prior to joining FirstCry, Jethani has held positions at firms such as Schaeffler India Limited, Persistent Systems Limited and KPIT Technologies Limited.
Update | May 9, 15:05 PM: An earlier version of the story featured an incorrect image of Neelam Jethani. The image has been updated to correct the error.
