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FirstCry’s losses fall 34% to Rs 321 cr ahead of IPO | The Arc

The Arc WebThe Arc Web · 11m ago
FirstCry’s losses fall 34% to Rs 321 cr ahead of IPO | The Arc
Medial

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FirstCry FY24 revenue crosses Rs 6,500 Cr; GlobalBees contributes 18.6%

EntrackrEntrackr · 11m ago
FirstCry FY24 revenue crosses Rs 6,500 Cr; GlobalBees contributes 18.6%
Medial

Kids-focused omnichannel retailer FirstCry received approval for its initial public offering (IPO) from the Securities Exchange Board of India (SEBI) earlier this month. Ahead of the IPO, the company has disclosed its annual financial report for the fiscal year ending March 2024. The Pune-based firm’s revenue grew 15.1% in the last fiscal year but its losses shrank 34% during the same period (FY24). FirstCry’s revenue from operations increased to Rs 6,481 crore in FY24 from Rs 5,633 crore in FY23, its consolidated financial statements filed with the Registrar of Companies (RoC) show. The sale of its products through its offline stores and website was the primary source of revenue for FirstCry in FY24. Notably, its subsidiary GlobalBees has contributed Rs 1,209 crore income to FirstCry group. FirstCry earned Rs 94 crore from interest on fixed and current investments and other financial assets, tallying its overall revenue to Rs 6,575 crore in FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 60.3% of the overall expenditure which increased 18.8% to Rs 4163 crore in FY24 from Rs 3,504 crore in FY23. Its employee benefits, advertising, transportation, contracts, rent, legal, traveling, and other overheads took FirstCry’s overall cost up by 9.2% to Rs 6,897 crore in FY24 from Rs 6,316 crore in FY23. Check TheKredible for the detailed cost breakup. The decent growth and controlled expenditure helped FirstCry to reduce its losses by 34% to Rs 321 crore during FY24 as compared to Rs 486 crore in FY23. Its ROCE and EBITDA margin improved to -3.47% and 2.51%, respectively. On a unit level, the Supam Maheshwari-led firm spent Rs 1.06 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -3.82% 2.51% Expense/₹ of Op Revenue ₹1.12 ₹1.06 ROCE -8.67% -3.47% As per reports, FirstCry will seek a valuation in the range of $2.9-3 billion in its upcoming IPO which may start around Independence day (August 15). Besides FirstCry, another SoftBank-backed company Ola Electric is all set to launch its IPO in early August. Notably, both firms are in losses as of their last reported financial year (FY24). In seeking a valuation that is a three to four times multiple of revenues, FirstCry has tempered down expectations. But what will worry some investors is the fact that it is still making negative margins, even though breakeven seems a matter of a quarter or two. The kids category, while being competitive is also one category where the value add from manufacturer to eventual customer is massive, and for FirstCry to struggle despite largely controlling the distribution channel is surprising, to say the least. It indicates some serious issues with procurement, or a high cost structure ripe for some trimming. Pre-IPO is as good a time as any to identify the key issue.

FirstCry raises $227 Mn from anchor investors ahead of IPO

EntrackrEntrackr · 11m ago
FirstCry raises $227 Mn from anchor investors ahead of IPO
Medial

BrainBees Solutions Limited, the parent company of FirstCry, has offered Rs 1,886 crore (approximately $227 million) worth of shares to 71 anchor investors as part of its initial public offering. The board at FirstCry has passed a resolution to offer 4,05,55,428 equity shares at an issue price of Rs 465 each (upper-band) to its anchor investors, its regulatory filing accessed from the Bombay Stock Exchange shows. SBI, Fidelity, Goldman Sachs, ICICI, HDFC, Kotak, Bajaj Allianz, Steadview, Morgan Stanley, and Max Life are some key anchor investors in Firstcry’s IPO. FirstCry will initiate its public offering from August 6 to August 8 with a price band of Rs 440-465 with a minimum bid quantity of 32 shares. Before the anchor investment round, SoftBank was the largest shareholder in FirstCry with a 25.53% stake followed by Mahindra & Mahindra and Premji Invest which hold 10.97% and 10.36% respectively. The company’s founder Supam Maheshwari has 6% of the share capital while the entire ESOP pool forms 8.4% of the cap table. FirstCry demonstrated decent growth during the last fiscal year. Its operating revenue increased by 15% to Rs 6,481 crore while the Pune-based firm managed to control its losses by 34% to Rs 321 crore in FY24 with an improved EBITDA margin. As per the company’s DRHP, it had 1,018 offline stores across the country out of which 632 were franchise-owned while remaining owned by the company until the end of the last calendar year (2023).

Ather raises Rs 1,340 Cr from anchor investors ahead of listing

EntrackrEntrackr · 2m ago
Ather raises Rs 1,340 Cr from anchor investors ahead of listing
Medial

Ather raises Rs 1,340 Cr from anchor investors ahead of listing Electric two-wheeler maker Ather Energy has allocated shares worth Rs 1,340 crore (around $157 million) to anchor investors ahead of its initial public offering (IPO). The board at Unicommerce has passed a resolution to offer 4,17,45,576 equity shares at an issue price of Rs 321 each (upper-band) to its anchor investors, its regulatory filing accessed from the Bombay Stock Exchange (BSE) shows. SBI, Abu Dhabi Investment Authority (ADIA), Invesco, Franklin Templeton, ICICI Prudential, Morgan Stanley, and Societe Generale are some key anchor investors for Ather. Out of the total issue, 49.6% of the total allocation was made to 7 domestic mutual funds through 14 schemes, the filing further added. Ather Energy initiated its public offering from (28th - 30th April) at a price band of (Rs 304-321) with a minimum bid quantity of 46 equity shares. Before the anchor round, Hero MotoCorp is the largest shareholder in Ather Energy, holding 38.19% of the company. It is followed by Caladium Investment (GIC) with a 15.43% stake. The National Investment and Infrastructure Fund (NIIF) and Tiger Global hold 14.22% and 6.56%, respectively. Ather’s co-founders, Mehta and Jain, each hold 6.81%. According to Entrackr’s estimates, Ather valued itself at $1.44 billion in its initial public offering. In the first nine months of FY25, the company sold 1,08,000 vehicles, generating revenue of Rs 1,578.9 crore. However, it posted a loss of Rs 579.6 crore during the same period. For the full fiscal year ending March 2024, the company reported revenue of Rs 1,753 crore with a loss of Rs 1,062 crore.

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%

EntrackrEntrackr · 4m ago
FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%
Medial

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70% Brainbees Solutions, the parent company of kids-focused omnichannel retailer FirstCry, has released its Q3 FY25 today. The report highlights sound financial growth, with a 14.3% year-on-year growth in scale and controlled losses by 70%. FirstCry's revenue from operations grew to Rs 2,172 crore in Q3 FY25 from Rs 1,900 crore in Q3 FY24, its unaudited financial statements sourced from the National Stock Exchange (NSE) show. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for nearly 82% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 422 crore. The company also made Rs 44 crore from interest income which took its overall revenue to Rs 2,217 crore in Q3 FY25, compared to Rs 1,936 crore in Q3 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 66% of the overall expenditure which increased 17% year-on-year to Rs 1,451 crore in Q3 FY25 from Rs 1,239 crore in Q3 FY24. FirstCry’s employee benefits stood at Rs 177 crore in Q3 FY25 which includes Rs 28 crore as ESOP cost. The marketing, legal, rent, and technology were other overheads that pushed the overall expenditure to Rs 2,210 crore in Q3 FY25 from Rs 1,978 crore in Q3 FY24. The decent scale and controlled expenditure helped FirstCry to reduce its losses by 70% to Rs 15 crore in the last quarter. Notably, the company reported a positive EBITDA of Rs 152 crore. As of the last trading session, FirstCry’s share price stood at Rs 419 per share, with a total market capitalization of Rs 21,753.8 crore (approximately $2.5 billion).

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