FirstCry parent company Brainbees Solution Ltd, gearing up for an IPO, reports a widened consolidated net loss of 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.
With this SoftBank-backed start-up has now joined the league of start-ups 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 twofold. 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 $400 million in FirstCry at an enterprise valuation of $900 million.
The start-up is considering filing its Draft Red Herring Prospectus (DRHP) with the market regulator Securities Exchange and Exchange Board of India (SEBI).
Earlier this week, sources said the Japanese conglomerate SoftBank has sold shares worth $310 million in the start-up.
According to reports, the stake sold by SoftBank in two rounds has been bought by high-net-worth individuals. After this deal, the value of the startup will be between 3.5-3.75 billion dollars.
According to the Times of India report, SoftBank still has a stake of $800 to $900 million left in First Cry.
The shares sold by SoftBank have been bought by the family office of cricketer Sachin Tendulkar, Ravi Modi of ethnic wear brand Manyavar, Imposis co-founder Chris Gopalan, and the family of TVS Group, The Economic Times reported.
Manipal Group's Ranjan Pai, Marico's Harsh Mariwala Investment Office Sharp Ventures, and Hemendra Kothari's SP Family Office had also bought shares in First Cry.
According to the reports, the IPO of FirstCry is expected after the Lok Sabha elections. The company wants to raise $500 million from the IPO, in which a 37 percent stake will be raised through the sale of new shares, and the remaining shares will be sold through Offer for Sale (OFS).
