Baby care e-commerce platform FirstCry reported losses of Rs 62.73 crore for the fiscal year ended March 31, 2015, a 50% rise from Rs 41.71 crore for FY14.
Baby care e-commerce platform FirstCry reported losses of Rs 62.73 crore for the fiscal year ended March 31, 2015, a 50% rise from Rs 41.71 crore for FY14. FirstCry is run by Pune-based Brainbees Solutions which released its financials for FY15 on the website of the Registrar of Companies on Friday.
FirstCry reported total revenues of Rs 118.08 crore up from Rs 73.78 crore, a year ago. It works on a hybrid business model with inventory and physical outlets across India.
The company’s inventory-led model, resulted in Rs 132.51 crore purchase of stock-in-trade for the year which helped it secure Rs 109.54 crore in operating revenue.
Besides, purchase of inventory, FirstCry incurred employee benefit expense of Rs 24 crore which stretched its total expenses to Rs 180.81 crore. The total expense jumped 57% from Rs 115.5 crore in FY14.
FirstCry operates over 150 branded franchisee across India selling baby care and maternity products and has tie-ups with brand such as Funskool, Pampers, Disney, Barbie, Hotwheels, Fisher Price and Ben10, among others. In 2015, baby care product registered growth rate of 53%, behind apparel with 69.5 % and electronic with 62%, according to a research by industry body ASSOCHAM.
Earlier, this week, Ratan Tata had invested an undisclosed amount in the e-commerce portal. On the recent funding, Supam Maheshwari, founder and chief executive officer of Brainbees said, “ a positive nod from a business leader of Mr Tata’s stature is a great vote of confidence in the way we have created the eco-system and validation of the business approach leading to definitive path to profitability.”
So far, FrirstCry has raised $69 million from investors such as IDG Ventures India, SAIF Partners, Temasek Holding, Vertex Ventures, Valiant Capital and New Enterprise Associate. In April 2011, it had raised Series A funding of $4 million from SAIF and an additional $14 million from IDG Venture and SAIF via Series B in February 2012.
In January 2014, it had raised $ 15 million in Series C funding and closed Series D with $ 36 million in April 2015. In the kids segment, FristCry competes with players such as FlintoBox, Mycity4kids, KleverKid, Tiny Steps, Babyoye, Hushbabies, Toonz, and Precared, among others.