FirstCry reports Rs 5,632 Cr revenue in FY23; losses spike 6X


FirstCry is one of the handful of e-commerce companies which has managed to cross the Rs 5,000 crore revenue threshold. The Pune-based unicorn has recorded around 2.4X growth in revenue in the fiscal year ending March 2023 but its losses blew 6X during the same period.

FirstCry’s revenue from operations jumped to Rs 5,632 crore during FY23 as compared to Rs 2,401 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show.

Financials FY23

FY22 FY23










Amount in ₹ Cr

The company offers apparel, toys and accessories for babies, kids and mothers through online and physical stores. Income from the sale of products accounted for 98% of the total operating revenue which surged 2.37X to Rs 5,519 crore in FY23. The rest of the collections came from internet display charges (advertising) and other operating sources.

See TheKredible for the detailed revenue breakup.

When it comes to expenses, the cost of procurement of materials accounted for 62% of the overall cost. To the tune of scale, this cost increased 2.5X to R 3,935 crore in FY23 from Rs 1,572 crore in FY22.

Expenses Breakdown

Total ₹ 2,568 Cr
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Total ₹ 6,316 Cr
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  • Cost of materials consumed
  • Employee benefits
  • Rent
  • Advertising promotional expenses
  • Cost transportation
  • Others

FirstCry employee benefits and advertising spent grew by 127% and 55% respectively in FY23. The company’s rental, transportation, legal professional, and other overheads catalyzed its total expenditure by 2.45X to Rs 6,316 crore in FY23 from Rs 2,568 crore in FY22.


FY22 FY23
EBITDA Margin 3% -2%
Expense/₹ of Op Revenue ₹1.07 ₹1.12
ROCE -1% -7%

At the end, losses for the SoftBank-backed firm spiked 6.15X to Rs 486 crore in FY23 as compared to Rs 79 crore in FY22. Its ROCE and EBITDA margin stood at -7% and -2%, respectively. On a unit level, it spent Rs 1.12 to earn a rupee in FY23. Notably, FirstCry was profitable in FY21

The Supam Maheshwari-led company is preparing for a public listing and is reportedly aiming to raise $500-600 million (Rs 4,000 crore-Rs 4,800 crore approximately) at a valuation of $4 billion. The firm was valued at $3 billion during the last fundraise.

SoftBank Vision Fund, the largest shareholder of FirstCry, has reportedly sold additional shares in the company. According to an ET report, the family offices of Indian cricketer Sachin Tendulkar, Ravi Modi of ethnic wear brand Manyavar, Infosys co-founder Kris Gopalakrishnan, and TVS group family, among others will buy stake via secondary transaction.

FirstCry joins a growing list of Indian startups to file IPO papers. Last week, office space provider Awfis and electric vehicle firm Ola Electric filed their draft red herring prospectus (DRHPs) with SEBI for IPO.

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