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

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

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firstcry: FirstCry appoints bankers, eyes IPO in 2022 - The Economic Times
  1. FirstCry, a Pune-based unicorn, achieved significant growth, with its revenue crossing Rs 5,000 crore, surging to Rs 5,632 crore in FY23 from Rs 2,401 crore in FY22, marking a growth of 134.57%.
  2. The major part of its revenue (98%) came from the sale of products, soaring 2.37 times to Rs 5,519 crore in FY23. The remaining revenue was generated from internet display charges and other sources.
  3. Costs related to material procurement constituted 62% of total expenses, escalating 2.5 times to Rs 3,935 crore in FY23 from Rs 1,572 crore in FY22.
  4. Employee benefits and advertising expenses surged by 127% and 55% respectively, while rental, transportation, legal professional, and other overheads collectively drove total expenditure, reaching Rs 6,316 crore in FY23 from Rs 2,568 crore in FY22.
  5. Despite revenue growth, losses surged significantly by 6.15 times to Rs 486 crore in FY23 from Rs 79 crore in FY22. FirstCry’s ROCE and EBITDA margin stood at -7% and -2% respectively, spending Rs 1.12 to earn a rupee in FY23.
  6. FirstCry, backed by SoftBank, is gearing up for a public listing and aims to raise $500-600 million at a valuation of $4 billion, following its valuation of $3 billion in the previous fundraise. The company was profitable in FY21 but reported substantial losses in FY23.
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