FirstCry’s sales rise, but losses double to Rs 123 crore

MUMBAI: Baby care ecommerce platform FirstCry’s losses doubled to Rs 123 crore during the fiscal year ended March 31, 2016, even as sales grew by nearly half. FirstCry, run by Brainbees Solutions, posted net sales of Rs 174 crore during FY15-16.

The company had net sales of Rs 118 crore with net losses were Rs 63 crore a year ago.

“Actual sales could be about Rs 1,000 crore as Brainbees is just one of the wholesale sellers on the portal. The consumer facing portal sources products from more than a dozen affiliate vendors and companies,” said a senior official with the company.

Supam Maheswari, founder and chief executive officer of FirstCry, declined to comment on the financial performance. In October, FirstCry acquired the franchisee division of Mahindra Retail for about Rs 362 crore. The retail division of Mahindra had revenues of Rs 204 crore and net loss of Rs 93 crore last fiscal.