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SoftBank-backed FirstCry seeks to raise nearly $220 million in India IPO

E-commerce startup FirstCry is seeking to raise $218 million through issue of fresh shares in its initial public offering, the 13-year-old startup said in a draft prospectus filed with the market regulator Thursday, becoming the latest Indian startup to explore the public markets.

FirstCry earlier sought to raise as much as $700 million in its Mumbai IPO, but deterred the plan as the market conditions worsened.

Brainbees Solutions, the parent firm of online baby product marketplace FirstCry, said that some investors including SoftBank. NewQuest and TPG plan to sell some shares. The startup is eyeing a valuation of about $4 billion, down from previous $6 billion ambitions, according to a person familiar with the matter. FirstCry said it hadn’t set the price in its draft prospectus.

The startup reported more than doubling its total income to $688.4 million in the financial year ending March 2023, up from $302 million from the same period a year ago. In the financial year ending March this year, its losses had ballooned to $58.3 million, from $9.4 million from a year ago.

More to follow.

 

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