FirstCry Net Loss Widens To Rs 486 Cr In FY23

FirstCry's net loss escalates to Rs 486 crore in FY23 despite revenue surge to Rs 5,632.53 crore. The SoftBank-backed omnichannel giant faces financial shifts ahead of a potential IPO, with significant increases in both income and expenses.

Brainbees Solution Ltd, which operates omnichannel businesses under the brand name FirstCry, said its consolidated net loss has widened to Rs 486.05 crore in FY 2022-23, according to the financial data accessed by business intelligence platform Tofler.

However, its consolidated revenue was up over two fold to Rs 5,632.53 crore for the financial year which ended on March 31, 2023.

It had reported a net loss of Rs 78.68 crore and its revenue from operations was at Rs 2,401.28 crore for the financial year that ended on March 31, 2022.

FirstCry, according to some reports, is considering to file for an initial public offering.

This SoftBank-backed startup has now joined the league of startups having a revenue of over Rs 5,000 crore.

Revenue from other income of FirstCry was down 14.6 per cent to Rs 98.73 crore.

The total consolidated income of FirstCry for FY23 was at Rs 5,731.27, up over two folds. It was Rs 2,516.91 crore a year before.

Similarly, the total expenses of FirstCry were up almost two-and-a-half-fold to Rs 6,315.66 crore from Rs 2,568.06 crore in FY22.

SoftBank had invested USD 400 million in FirstCry at an enterprise valuation of USD 900 million.

Earlier this week, sources had said the Japanese conglomerate SoftBank has sold shares worth USD 310 million in omnichannel retailer.

The source said that the sale values FirstCry in the range of USD 3.5-3.75 billion.

Another source said that SoftBank is still left with shares valued in the range of USD 800-900 million which it will sell later.

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