FirstCry achieves milestone with Rs 5,632 crore revenue in FY23
Leading omnichannel retailer FirstCry has witnessed a remarkable financial surge, crossing the Rs 5,000 crore revenue threshold in FY23, marking a 2.4 times increase from the previous fiscal year, as per Entrackr's analysis of the company's recent financial statements.
Notably, the revenue spiked from Rs 2,401 crore in FY22 to Rs 5,632 crore in FY23, emphasizing the company's robust growth. However, this achievement was accompanied by a sixfold rise in losses, reaching Rs 6,316 crore, compared to Rs 2,568 crore in FY22.
Despite its profitability in FY21, FirstCry faces a challenging profitability landscape in FY23. In the midst of these financial dynamics, FirstCry is set to file its IPO papers, targeting a substantial USD 500-600 million fundraise at a valuation of USD 4 billion.
The IPO move coincides with notable transactions involving SoftBank Vision Funds selling additional shares, and influential entities like Sachin Tendulkar's family offices, Ravi Modi, Kris Gopalakrishnan, and TVS group family reportedly acquiring stakes through secondary transactions.
