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Funding cycles come and go; great teams persist, compound value for shareholders: FirstCry’s Supam Maheshwari

Economic TimesEconomic Times · 11m ago
Funding cycles come and go; great teams persist, compound value for shareholders: FirstCry’s Supam Maheshwari
Medial

Indian retail brand FirstCry, operated by Brainbees Solutions, will launch its IPO on August 6, with a target of raising Rs 4,188 crore. CEO Supam Maheshwari discussed the company's journey, the changing IPO landscape for new-age firms, and plans for expansion. Despite market fluctuations, Maheshwari emphasized the importance of creating sustainable value and building a unique ecosystem story. FirstCry plans to open 350 stores over the next three years, invest in technology and manufacturing, and expand internationally. Maheshwari highlighted the significance of the omnichannel model and the growth potential in both online and offline retail. The company's brand aggregator platform, Globalbees, also showed positive financial performance.

GlobalBees faces insolvency plea from directors of Kuber Industries

EntrackrEntrackr · 1m ago
GlobalBees faces insolvency plea from directors of Kuber Industries
Medial

GlobalBees Brands Private Limited, a subsidiary of Brainbees Solutions Ltd (which owns FirstCry), is facing an insolvency plea at the National Company Law Tribunal (NCLT), New Delhi. Ashutosh Garg, Paritosh Garg, and Manju Agarwal, the directors of Kuber Mart Industries, have approached the NCLT, New Delhi bench, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) over an alleged default of Rs 64.92 crore. The claim includes interest at 18% per annum from May 9, 2025, until the date of actual payment. Notably, GlobalBees is an investor in Kuber Mart Industries, having infused Rs 50 crore in June 2022. The application is currently at the admission stage. According to a regulatory filing made by Brainbees on June 17, Globalbees is actively pursuing legal counsel and taking steps to oppose the petition, including contesting its admission. “The financial implication on the company cannot be ascertained and is contingent upon the final outcome of the said proceedings and subsequent legal challenges,” the filing stated. Over the past few months, GlobalBees saw the resignation of three board representatives, including Harsha Deepak Kumar (Lightspeed), Sudhir Kumar Sethi (Chiratae Ventures), and Kaveesh Chawla (Premji Invest). The company’s chief executive, Nitin Agarwal, also stepped down from his role due to personal reasons. Agarwal was replaced by Anuj Jain, who joined the firm as the new CEO. Globalbees was launched in 2021 as a Thrasio-style roll-up venture focused on acquiring and scaling digital-first consumer brands across categories like personal care, home, and nutrition. It has raised over $270 million in funding with the likes of SoftBank, Lightspeed, and Avendus. In FY25, FirstCry group reported Rs 7,660 crore in revenue from operations while GlobalBees contributed Rs 1,577 crore (over 20%) to the total revenue.

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

EntrackrEntrackr · 5m 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).

Globalbees CEO Nitin Agarwal resigns, Anuj Jain takes over

EntrackrEntrackr · 2m ago
Globalbees CEO Nitin Agarwal resigns, Anuj Jain takes over
Medial

Globalbees CEO Nitin Agarwal resigns, Anuj Jain takes over According to a regulatory filing, Agarwal officially ceased to be a director of Globalbees and a senior management personnel of Brainbees Solutions as of April 24. Brainbees Solutions Limited, the parent company of FirstCry, has announced a key leadership change at its subsidiary, Globalbees Brands Private Limited. Nitin Agarwal, who served as the CEO and director of Globalbees Brands, has stepped down from his role due to personal reasons. According to a regulatory filing, Agarwal officially ceased to be a director of Globalbees and a senior management personnel of Brainbees Solutions as of April 24. He will, however, support transition activities until May 23, 2025. Stepping into the role is Anuj Jain, who has been appointed as the new CEO of Globalbees Brands and designated as a senior management personnel of the company. Jain currently serves as the chief business officer (CBO) of FirstCry’s pre-school segment and senior vice president of marketing. A part of the company’s leadership team since July 2012, Jain brings over 23 years of industry experience, having previously worked at ITC and L'Oréal. E-commerce roll-up firm GlobalBees last raised $18 million in a debt round from Avendus in February 2024. To date, the company has secured over $270 million in funding, including a $111 million Series B round in December 2021, which propelled it to unicorn status. In FY24, the FirstCry group recorded a 15% year-on-year increase in revenue from operations to Rs 6,481 crore, with GlobalBees contributing Rs 1,209 crore to the group’s total revenue.

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 parent’s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%

EntrackrEntrackr · 1m ago
FirstCry parent’s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%
Medial

The parent company of FirstCry has released its quarterly report for the last financial year ending March 2025. The report highlights moderate growth, with a 16% year-on-year growth in scale while losses surged 74%. FirstCry's revenue from operations grew to Rs 1,930 crore in Q4 FY25 from Rs 1,667 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. For the full fiscal year (FY25), BrainBees’s operating revenue increased 18% to Rs 7,660 crore in FY25 from Rs 6,481 crore in FY24. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for 69% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 398 crore income for Q4 FY25. The company also made Rs 48 crore from interest income which took its overall revenue to Rs 1,979 crore in Q4 FY25, compared to Rs 1,685 crore in Q4 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 58% of the overall expenditure which increased 14% quarter-on-quarter to Rs 1,206 crore in Q4 FY25 from Rs 1055 crore in Q4 FY24. FirstCry employee benefits stood at Rs 229 crore in Q4 FY25 which includes Rs 82 crore as ESOP cost. Marketing, legal, rent, and technology expenses were key overheads that drove total expenditure up to Rs 2,060 crore in Q4 FY25, compared to Rs 1,737 crore in the same quarter last year. For the fiscal year ending March 2025, the company’s total expenses rose to Rs 7,992 crore. BrainBees’ loss surged by 74% to Rs 75 crore in Q4 FY25. For FY25, the firm losses stood at 215 crore in FY25, down from Rs 321 crore in FY24. (We have excluded exceptional items amounting to Rs 37 crore from the loss calculation.) BrainBees debuted on the stock exchange at Rs 446 and is now trading at 376.5 on May 26, bringing its total market capitalization to Rs 19,631 crore.

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