FirstCry CEO Supam Maheshwari saw 49% drop in monthly pay in April-December 2023

Supam Maheshwari, cofounder and CEO of IPO-bound mother and childcare e-commerce platform FirstCry, saw a 49% drop in monthly remuneration to Rs 8.61 crore for the first nine months of FY24, according to the company’s draft red herring prospectus (DRHP).

Maheshwari's total remuneration for the nine months until December 31, 2023, was Rs 77.5 crore, down from Rs 200.7 crore for the whole of FY23.

Sanket Hattimattur, also a cofounder, saw a decrease in pay, receiving Rs 8.33 crore in the same period, compared to Rs 18.57 crore in FY23. These payments include short-term employment benefits and share-based payment accruals.


Before filing for the IPO, Maheshwari sold 6.2 million shares of the company, and currently holds 28,893,347 equity shares (5.94% stake) in FirstCry.

FirstCry, backed by SoftBank, was directed by markets regulator Securities and Exchange Board of India (Sebi) to refile its DRHP due to insufficient disclosure in key performance indicators (KPIs).

The company has maintained the proposed IPO size in the refiled DRHP, aiming to raise $218 million (about Rs 1,815 crore) through a fresh issue of shares, with existing investors planning to sell 54 million shares.

The IPO, expected in July, is projected to be valued at around $500 million (about Rs 4,163 crore), combining primary and secondary share sales, as reported by ET.

The DRHP also highlighted that for the nine months ending in December 2023, the Pune-based firm recorded a net loss of Rs 278 crore on operating revenue of Rs 4,814 crore.

Despite this loss, the company is expected to go public at a valuation of approximately $4 billion, compared to its last private market valuation of under $3 billion.