Report: Baby Products eCommerce Company FirstCry to Go Public

FirstCry, a baby products-focused eCommerce company headquartered in India, is preparing to file an initial public offering (IPO), Bloomberg reported Wednesday (April 13).

Sources told the news outlet that the retailer could raise $700 million as it seeks a valuation of $6 billion. The IPO is expected to include new and existing shares, and sources said a listing could take place as soon as this year.

Backed by Texas-based private equity firm TPG Inc., FirstCry was profitable in the fiscal year that ended on March 31, 2021, according to the latest company filings with the U.S. Securities and Exchange Commission.

The results from the first quarter of last year represented an about face from previous losses as COVID-19 fueled the shift to online shopping. FirstCry is one of the few Indian startups tapping the IPO market after being profitable, the report noted.

IPO negotiations are continuing and details of the deal could still change, sources added. A spokesperson for FirstCry declined to comment.

FirstCry is also an investor in GlobalBees, which was valued at $1.1 billion in December, following its $110 million Series B round of fundraising as the company grew its portfolio of digital-first brands.

Read more: India’s Unicorns Multiply as ‘House of Brands’ Direct-to-Consumer Concept Takes Wing

At the time, GlobalBees principals — former Edelweiss Financial president Nitin Agarwal and FirstCry co-founder Supam Maheshwari — were reportedly in discussions with 15 or more FBA sellers, an eCommerce business that sells in Amazon’s store and outsources inventory management to Amazon, as the company moves to create a stable of direct-to-consumer eCommerce brands.

The India Brand Equity Foundation reported India’s eCommerce market is expected to reach $111 billion by 2024 and $200 billion by 2026. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration, the report said.