FirstCry’s Financial Rollercoaster: FY23 Loss Soars Over 500% to INR 486 Cr

Unraveling FirstCry’s Financial Narrative: Navigating Losses, Surging Revenue, and the Path to IPO Success


In a surprising turn of events, FirstCry, the Mumbai-based omnichannel retailer set to go public, has reported a staggering increase in its net loss for the financial year ending March 31, 2023. The company’s consolidated net loss catapulted over 500%, reaching INR 486 Cr, a significant leap from INR 78.6 Cr in the preceding fiscal year. This financial development marks a sharp contrast to the net profit of INR 215.9 Cr recorded in FY21.

Operating Revenue Hits Record High:

Despite the alarming spike in losses, FirstCry managed to achieve a commendable feat on the revenue front. The company’s operating revenue exceeded the INR 5,000 Cr milestone in FY23, marking a remarkable 135% year-on-year surge to INR 5,632.5 Cr. This substantial growth underscores FirstCry’s robust performance in terms of revenue generation.

IPO Plans and Fundraising Goals:

In the wake of its financial performance, FirstCry is gearing up for a significant milestone – an Initial Public Offering (IPO). The company is poised to file its Draft Red Herring Prospectus (DRHP) by the end of this month, signaling its intent to enter the public market. FirstCry is eyeing a substantial fundraising target, aiming to secure between $500 Mn and $600 Mn through its IPO.

Financial Context:

The drastic shift in FirstCry’s financial trajectory, from a net profit of INR 215.9 Cr in FY21 to a net loss of INR 486 Cr in FY23, raises questions about the underlying factors influencing the company’s financial health. Investors and industry analysts are likely to scrutinize the financials closely as FirstCry approaches its IPO.

Challenges and Opportunities:

FirstCry’s financial performance reflects the challenges and opportunities inherent in the dynamic landscape of the retail industry. The surge in operating revenue suggests successful market penetration and customer acquisition, while the substantial increase in net losses warrants a closer examination of the company’s cost structures and profitability.


As FirstCry navigates the financial ups and downs on its journey toward an IPO, stakeholders will be closely monitoring the company’s disclosures and future plans. The IPO will serve as a litmus test for investor confidence, shedding light on the market’s perception of FirstCry’s potential for sustained growth and profitability in the ever-evolving retail sector.

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