News In Brief Startups
News In Brief Startups

Firstcry Registers Rs 216 Crore Profit for FY21

Share Us

880
Firstcry Registers Rs 216 Crore Profit for FY21
07 Apr 2022
6 min read

News Synopsis

Documents filed by Firstcry indicate that the company has earned a profit of Rs 215.94 crore for the financial year that ended March 31, 2021. A senior official of the company told that it is planning to double its profit in the current financial year. This is a good sign for the baby care-focused firm, which had registered a loss of Rs. 190.8 crore for FY 20. The startup is backed by Softbank. It turned Unicorn in February 2020 when it raised $296 million in its Series E fundraising round led by SoftBank. The company is currently looking to go public soon and has mandated Kotak Mahindra Capital Co. and Morgan Stanley to manage its Initial Public Offering (IPO). An investment banker said: “This is probably the only company after Nykaa that has carved a niche in a category and has turned in a profit. There is considerable investor interest.” Firstcry was started in September 2010 and right now it has become a leading player in the omnichannel baby and mother care products segment. Currently, it has around 600 retail stores and has also expanded in the UAE