IPO-bound FirstCry reports 15% jump in FY24 revenue

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 regulatory filings sourced through business intelligence platform Tofler.

Globalbees—its ecommerce roll-up subsidiary—reported Rs 1,209 crore in revenue, contributing 18% to the parent’s revenue.

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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%.

ETtech

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.

Pune-based FirstCry is expected to file final IPO papers this week and list on the bourses before Independence Day, ET reported on July 29.

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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.

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