FirstCry Achieves Record Sales of INR 1,407 Cr in Q1 FY24, Files for INR 1,816 Cr IPO

Navigating Growth: FirstCry’s Bold Moves in Q1 FY24 and the Journey Towards IPO Excellence

SoftBank-backed omnichannel retail startup FirstCry has made significant strides in the first quarter of the financial year 2024, reporting an impressive sales figure of INR 1,406.9 Cr on a consolidated basis. The latest financial disclosure also sheds light on the company’s ambitious plans as it files a draft red herring prospectus (DRHP) with the market regulator SEBI to raise INR 1,816 Cr through fresh issues of shares.

Financial Highlights

In the first quarter of FY24, Brainbees Solutions Limited, the parent company of FirstCry, witnessed a substantial boost in sales, accounting for nearly 25% of the total FY23 sales. For the entire fiscal year 2023, FirstCry’s consolidated operating revenue reached INR 56,32.5 Cr, marking a remarkable 135% increase from the previous fiscal year’s INR 2,401.2 Cr.

Including other income, FirstCry’s total income for the Q1 of FY24 stood at INR 1,426.8 Cr, a notable achievement for the ecommerce unicorn. In FY23, the total income amounted to INR 5,731.2 Cr, indicating a substantial jump of 127.7% from the previous fiscal year’s INR 2,516.9 Cr.

IPO Plans and Offer-for-Sale

FirstCry’s IPO plans involve raising INR 1,816 Cr through fresh issues of shares. Additionally, the offer comprises an offer-for-sale component, allowing the startup’s investors to sell up to 5.4 Cr equity shares. This move aligns with FirstCry’s strategic approach to leverage market dynamics and fuel further growth.

Net Loss and Expenditure

Despite the remarkable sales figures, FirstCry reported a net loss of INR 110.4 Cr in the first quarter of FY24. This comes in the wake of a consolidated net loss of INR 486 Cr in FY23, marking a substantial 518% increase from the INR 78.6 Cr reported in the previous fiscal year. It’s worth noting that the startup allocated INR 159.2 Cr for employee benefit expenses during the Q1 of FY24, showcasing its commitment to workforce development.

The Road Ahead

FirstCry’s financial performance in the first quarter of FY24 underscores its position as a major player in the omnichannel retail space, particularly in the babycare products segment. As it gears up for the IPO, the startup aims to capitalize on its momentum, further expanding its market presence and solidifying its position as a leader in the industry.


FirstCry’s remarkable sales figures, coupled with its IPO filing, reflect a positive outlook for the startup. The market will be closely watching as FirstCry navigates the IPO process, and investors anticipate the potential for substantial returns in the dynamic and evolving retail landscape.

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