IPO-bound FirstCry reports 15% jump in FY24 revenue to Rs 6,481 crore, losses down 34%
FirstCry reported a 15% increase in operating revenue to Rs 6,481 crore and reduced losses by 34% in FY24. The Pune-based firm's international business, which is seeing faster growth than domestic operations, reported a revenue of Rs 753 crore, gr...
By ETtech | Updated:
ETtech
IPO-bound FirstCry reported a 15% growth in operating revenue at Rs 6,481 crore in FY24 while it reduced losses by 34% to Rs 321 crore during the same period, per the red herring prospectus filed by Brainbees Solutions, which runs the omnichannel retail firm.
Globalbees—its ecommerce roll-up subsidiary—reported Rs 1,209 crore in revenue, contributing 18% to the parent’s revenue.
FirstCry’s international business—the Middle East—is seeing faster growth than domestic operations. Its parent firm Brainbees Solutions’ 70% revenue comes from India while the rest is from overseas. FirstCry’s international business reported a revenue of Rs 753 crore, growing by over 50%.
From the IPO proceeds, a significant part of the capital will be used for expansion in Saudi Arabia, the company had mentioned in its revised draft red herring prospectus (DRHP) in April.
The SoftBank and Premji Invest-backed firm is likely to raise $217 million (Rs 1,816 crore) via primary fundraise besides having an offer-for-sale for 54 million shares from investors and founders of the firm. SoftBank Vision Fund, Premji Invest, Mahindra Retail, TPG Growth and others will be part-divesting through the OFS.
Last valued at under $3 billion, Supam Maheshwari-led FirstCry is likely to price itself at around $3 billion for its public issue, people aware of the deliberations have told ET.
The omnichannel retailer runs a network of 1,018 FirstCry and BabyHug stores in 508 cities. It owns 386 and the rest are franchises. Pine Kids, Cute Walk and Babyoye are among its in-house brands.
