Firstcry net loss narrows by 83 percent to Rs 163 crore for FY20
India’s largest omni-channel platform for kids Firstcry managed to narrow its net loss by 83 percent to Rs 163 crore ($22 million) for the fiscal year 2020, as against a net loss of Rs 933 crore it had reported in the last financial year.
The company also witnessed strong sales during the year with revenue jumping 66 percent to Rs 887 crore, from Rs 535 crore it reported during FY19.
Firstcry’s total expenses for the year also decreased 28 percent to Rs 1,050 crore, as against Rs 1,469 crore in FY19.
Launched in 2010, Firstcry claims to be Asia’s largest online store for kids and baby products as it was named a leader in this segment in a recent report by Grand View Research. The company is currently expanding offline to further strengthen its hold over the children’s wear market. It currently has over 400 stores across India.
Firstcry is backed by Japanese investor Softbank and sells over 2 lakh unique products across 6,000 brands. It competes with Hopscotch along with other e-commerce giants including Flipkart and Amazon in the kids segment.
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