FirstCry reports 6x jump in net loss at ₹486 crore in FY23; revenue surges 135% YoY ahead of IPO
₹486 crore from ₹79 crore in FY22, reports said. The company’s revenue from operations during the financial year 2022-2023 increased 135% to ₹5,633 crore from ₹2,401 crore in FY22 led by strong demand. Its ROCE stood at -7%, while EBITDA margin was at -2%.
The SoftBank-backed FirstCry offers toys, apparel and accessories for babies, kids and mothers through online and physical stores. Also Read: FirstCry IPO: Ecommerce platform all set to file draft papers to raise over $600 million, says report The company’s income from the sale of products surged 2.37 times to ₹5,519 crore in FY23. This income accounted for 98% of the total operating revenue.
Internet display charges (advertising) and other operating sources accounted for the rest, a report said. A sharp increase in expenses led to the widening of losses for the Pune-based startup in FY23. Its total expenses jumped 146% to ₹6,316 crore during the reported year from ₹2,568 crore, YoY, reported entrackr.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The cost of procurement of materials, which accounted for 62% of the overall cost, rose 2.5 times to ₹3,935 crore from ₹1,572 crore, YoY. Earlier it was reported that the omnichannel retailer was set to file its draft IPO papers in the coming days after having postponed its public listing in the previous year due to volatile market conditions. FirstCry plans to raise $500-600 million from the initial public offering (IPO), seeking a valuation of about $3.5-3.75 billion, according to multiple reports.
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