FirstCry net loss widens to Rs 486 Cr in FY23
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.
Brainbees Solution Ltd, which operates omnichannel businesses under the brand name , said its consolidated net loss has widened to 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 twofold 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.
FirstCry, according to some reports, is considering filing for an initial public offering.
This -backed startup has now joined the league of startups having a revenue of over Rs 5,000 crore.
Revenue from other income of FirstCry was down 14.6% 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.
Earlier this week, sources had said the Japanese conglomerate SoftBank has sold shares worth $310 million to an omnichannel retailer.
The source said that the sale values FirstCry in the range of $3.5-3.75 billion.
Another source said that SoftBank is still left with shares valued in the range of $800-900 million which it will sell later.
Edited by Kanishk Singh