We are discussing E-commerce Startup FirstCry Plans to File Papers for its IPO Worth $3.5 Billion this Week:
Firstcry is a baby and mother care products selling e-commerce startup. The startup announced its plans to file for Initial Public Offering papers worth $3.5 billion this week. The report by ET mentioned that the company is expected to file its red herring Prospectus for an IPO. This filing values the omnichannel Marketplace at 3 to 3.5 billion USD. The startup will launch IPO for subscription officially from this week till August 14.
The e-commerce startup received strong interest from institutional investors for its anchor book. Last month, the company received approval from the Securities and Exchange Board of India for its initial public offerings. However, the offer size by the company remained unchanged, with its draft Initial Public Offerings papers reaching the total primary fundraising mark of Rs 1,816 crore. The Initial public offering will also have an offer-for-sale component of 54 million shares. Under this OFC component, shareholders, including Premji Invest, Softbank, and TPG Growth, will offload the equity shares.
The firm was founded by Maheshwari and Amitava Saha in 2010. The startup offers an omnichannel marketplace and sells baby and kids’ care products through online websites and mobile applications. Firstcry has secured over 700 million USD since its inception via multiple funding rounds. The company’s existing investors include SoftBank, vertex Ventures, and ChyrsCapital. The source close to the deal told ET that the company has been conducting secondary funding for the last few years so existing investors can exit. The company planned to use the IPO proceeds to establish more warehouses and stores while expanding its services into Saudi Arabia.
The Pune startup reported its operating revenue to be around Rs 4,814 crore in the first nine of this financial year. The company noticed losses of around Rs 278.2 crore in FY24. Firstcry had a valuation of around 2.8 billion USD in its last private funding round. The company announced that its gross sales were around Rs 5,650, and 77 percent were from online platforms. FirstCry filed its first draft of Red Herring Prospectus in December last year. The Securities and Exchange Board of India marked some of the key indicators missing from the draft, leading to the delay in filing. The startup re-filed its draft papers for April of this year.
Conclusion
First Cry provides Baby care and kids-related products through its omnichannel network. The company is looking to file papers for its IPO of 3.5 million USD this week. The e-commerce startup received approval for its Initial Public Offering from the Security Exchange Board of India last month. The startup operates omnichannel distribution networks and offers services through an online website and mobile applications. The company has raised over $700 million across all its funding rounds. Due to missing key indicators last year, the company is re-filing for its IPO this year as it failed to get approval. First Cry sells many products for babies, kids, and moms.
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