FirstCry Refiles DRHP, Clocks INR 4,814 Cr Sales In Nine Months Of FY24

Share via:


SUMMARY

The SoftBank-backed startup will be raising INR 1,816 Cr through fresh issue of shares

Shareholders including SoftBank, Premji Invests, TPG Growth, Mahindra will participate in the offer-for-sale

For the first nine months in FY24, the startup reported a sales of INR 4,814 Cr, while incurring a loss of INR 278.2 Cr

Pune-based omnichannel marketplace firstcry has refiled its draft red herring prospectus (DRHP) after markets regulator Securities and Exchange Board of India (SEBI) claimed that the Supam Maheshwari-led startup failed to disclose certain key indicators in its draft papers filed last December.

As per the recent DRHP paper, the IPO offer continues to remain the same. The SoftBank-backed startup will be raising INR 1,816 Cr through fresh issue of shares, while the offer-for-sale (OFS) component comprises shareholders selling 5.4 Cr equity shares.

Shareholders, including SoftBank, Premji Invest, TPG Growth and Mahindra among others, will participate in the OFS.

The startup in consultation with the Book Running Lead Manager (BRLMs) is also likely to raise a Pre-IPO placement worth INR 363 Cr from certain investors. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the fresh issue. 

The startup in DRHP disclosed that it would utilise the fresh issue for:

  • Investment in its subsidiary – Digital India for setting up new modern stores under the FirstCry brand name, and other home brands of the company, and lease payments for existing FirstCry stores – INR 388.2 Cr.
  • Investment in its own subsidiary – GlobalBees Brands for the acquisition of additional stake in our step-down Subsidiaries – INR 173.5 Cr.
  • For setting up of new modern stores under the brand name “BabyHug” and opening of new warehouses – INR 140.7 Cr.
  • For sales and marketing initiative – INR 150 Cr.
  • Technology and data science cost including cloud and server hosting related costs – INR 57.6 Cr.

For the first nine months in FY24, the startup reported sales of INR 4,814 Cr, while incurring a loss of INR 278.2 Cr. The startup’s biggest expense continues to be its procurement cost, which stood at INR 3,108.1 Cr, which is 60% of the startup expenses – INR 5,159.7 Cr in the first three quarters of FY24. 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

FirstCry Refiles DRHP, Clocks INR 4,814 Cr Sales In Nine Months Of FY24


SUMMARY

The SoftBank-backed startup will be raising INR 1,816 Cr through fresh issue of shares

Shareholders including SoftBank, Premji Invests, TPG Growth, Mahindra will participate in the offer-for-sale

For the first nine months in FY24, the startup reported a sales of INR 4,814 Cr, while incurring a loss of INR 278.2 Cr

Pune-based omnichannel marketplace firstcry has refiled its draft red herring prospectus (DRHP) after markets regulator Securities and Exchange Board of India (SEBI) claimed that the Supam Maheshwari-led startup failed to disclose certain key indicators in its draft papers filed last December.

As per the recent DRHP paper, the IPO offer continues to remain the same. The SoftBank-backed startup will be raising INR 1,816 Cr through fresh issue of shares, while the offer-for-sale (OFS) component comprises shareholders selling 5.4 Cr equity shares.

Shareholders, including SoftBank, Premji Invest, TPG Growth and Mahindra among others, will participate in the OFS.

The startup in consultation with the Book Running Lead Manager (BRLMs) is also likely to raise a Pre-IPO placement worth INR 363 Cr from certain investors. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the fresh issue. 

The startup in DRHP disclosed that it would utilise the fresh issue for:

  • Investment in its subsidiary – Digital India for setting up new modern stores under the FirstCry brand name, and other home brands of the company, and lease payments for existing FirstCry stores – INR 388.2 Cr.
  • Investment in its own subsidiary – GlobalBees Brands for the acquisition of additional stake in our step-down Subsidiaries – INR 173.5 Cr.
  • For setting up of new modern stores under the brand name “BabyHug” and opening of new warehouses – INR 140.7 Cr.
  • For sales and marketing initiative – INR 150 Cr.
  • Technology and data science cost including cloud and server hosting related costs – INR 57.6 Cr.

For the first nine months in FY24, the startup reported sales of INR 4,814 Cr, while incurring a loss of INR 278.2 Cr. The startup’s biggest expense continues to be its procurement cost, which stood at INR 3,108.1 Cr, which is 60% of the startup expenses – INR 5,159.7 Cr in the first three quarters of FY24. 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Indian edtech unicorn Vedantu cuts losses by 58%

It was supported by a 21% increase in...

Trump nominates Stephen Miran as Council of Economic Advisors...

"I'm a huge believer in innovation, in powering...

Haven’t picked up your holiday gifts yet? Apple now...

From now through December 24th, Apple will be...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!