FirstCry: Asia’s Largest Online Destination for Baby and Kid Products
Introduction
In the 1990s, online shopping was an unimaginable concept for most, let alone its potential to revolutionize purchasing habits. Fast forward to 2010, Supam Maheshwari and Amitava Saha recognized this potential and founded FirstCry, aiming to revolutionize the baby care market in India.
Company Overview
- Name: FirstCry
- Headquarters: Pune, India
- Sector: Online Baby Products
- Founders: Amitava Saha and Supam Maheshwari
- Founded: September 2010
- Parent Organization: BrainBees Solutions Pvt Ltd.
- Website: firstcry.com
About FirstCry
FirstCry is a comprehensive online and offline retailer offering an extensive range of products for babies, children, and mothers. The platform was created to address the lack of access to quality baby care products in India. FirstCry’s inventory includes over 90,000 items from around 1,200 brands, including Mattel, Pigeon, Funskool, and Pampers.
Founders and Team
- Supam Maheshwari: Co-founder and CEO, Maheshwari is an IIM Ahmedabad graduate and engineer from Delhi College of Engineering. He is also a co-founder of XpressBees and previously led Brainvisa Technologies.
- Amitava Saha: Co-founder and COO, Saha holds a master’s degree from IIM Lucknow and a BTech from IIT Varanasi. He collaborated with Maheshwari on XpressBees before co-founding FirstCry.
Startup Story
FirstCry was launched to fill the gap in the Indian market for quality baby products. Initially operating on an inventory-based model, the company has expanded to include local retailers and launched its own private labels like BabyHug and CuteWalk. By 2023, FirstCry had over 350 franchise stores across more than 125 cities.
Name, Tagline, and Logo
The name “FirstCry” evokes the moment a baby is born, symbolizing the company’s commitment to providing essential products for infants and children. The tagline “Asia’s favourite baby and kid’s shopping platform” highlights its regional prominence.
Business and Revenue Model
FirstCry utilizes a hybrid business model combining online and offline presence. In addition to its vast online platform, the company operates over 400 stores, including 350 franchise locations. A notable initiative, the ‘FirstCry Box,’ provides new parents with free essential products through hospitals across India.
Funding and Investments
FirstCry has raised $793.7 million over 11 funding rounds. Recent investments include:
- August 21, 2023: Secondary Market, ₹435 crore
- March 30, 2021: Secondary Market, $300 million (TPG, ChrysCapital, Premji Invest)
- February 7, 2020: Series E, $150 million (SoftBank Vision Fund)
Growth and Financials
FirstCry boasts over 200,000 unique products and hosts 5,800 brands. With a large and active user base, the company is a leader in the baby products sector. Recent financials indicate significant revenue growth, despite rising expenses:
- FY22: Revenue of INR 2401.2 crore; Net Loss of INR 78.6 crore
- FY23: Revenue of INR 5632.5 crore; Net Loss of INR 486 crore
Recent Developments
In April 2022, FirstCry transitioned to a public company and is preparing for an IPO, aiming to raise $1 billion and achieve a valuation of $7 billion. The company has also seen major investments and acquisitions, including the merger with BabyOye.
Product and Services
FirstCry recently launched ARIAS, a fashion line in collaboration with Lara Dutta, focusing on eco-friendly clothing and accessories.
Conclusion
FirstCry’s evolution from a small startup to a major player in the online baby products market showcases its significant impact on the industry. With its extensive product range, innovative business model, and ongoing growth, FirstCry continues to set benchmarks in the online retail space for children and baby care.