IPO-bound FirstCry’s losses surge to Rs 486 cr in FY23, revenue at Rs 5,632 cr

Mother and child care e-commerce platform FirstCry, likely to file a draft paper for its IPO soon, reported Rs 5,632 crore revenue from operations in FY23, while its losses surged over six times to Rs 486 crore from Rs 79 crore in FY22.

The SoftBank-backed unicorn registered about 2.4 times growth in revenue but losses also went up significantly. Income from sale of products accounted for 98 per cent of the total operating revenue at Rs 5,519 crore in FY23, according to its financial statements filed with the Registrar of Companies.

The company is preparing for a public listing to raise $500-600 million at a valuation of $4 billion.

Meanwhile, Japanese investment giant SoftBank has likely sold its stock worth $310 million in a second round sale in FirstCry. SoftBank sold shares amounting to around Rs 630 crore this time, according to reports.

In total, SoftBank has sold shares worth $310 million in FirstCry in two rounds. SoftBank had invested $400 million in FirstCry at a valuation of around $900 million.

According to an earlier MoneyControl report, citing sources, FirstCry is aiming to raise $500 million, with 60 per cent of it going towards the offer for sale (OFS) component and the remainder going into the primary segment.