E-commerce unicorn FirstCry saw its revenue from operations jump to ₹5,633 crore in FY23 from ₹2,401 crore in FY22, as the company gears up for public market listing.
The Pune-based startup saw its net loss widen from ₹79 crore in FY22 to ₹486 crore in FY23, according to filings sourced via data intelligence company Tofler.
The company’s total expenses surged to ₹6,316 crore in FY23 from ₹2,568 crore in FY22 , on the back of higher employee-related expenses, finance costs and other expenses, including procurement costs.
The company offers apparel, toys and accessories for babies, kids and mothers through online and physical stores. FirstCry’s financials comes just days before it files its draft IPO papers with the Securities and Exchange Board of India (SEBI).
The Supam Maheshwari-led company is preparing for a public listing and is reportedly aiming to raise $500-600 million at a valuation of $4 billion. The firm was valued at $3 billion during the last fundraise. The SoftBank-backed startup is expected to file its draft IPO papers this week. Of that, 60 per cent will be the offer for sale (OFS) component while the remaining will be the primary part, according to reports.
SoftBank Vision Fund, the largest shareholder of FirstCry, has reportedly sold additional shares in the company. According to news report, the family offices of Indian cricketer Sachin Tendulkar, Ravi Modi of ethnic wear brand Manyavar, Infosys co-founder Kris Gopalakrishnan, and TVS group family, among others will buy stake via secondary transaction.