FirstCry, the dominant omnichannel player in baby and maternity products retail, has taken a significant step forward by announcing its public listing, marking a major milestone in its 14-year history. The debut on the stock market was nothing short of spectacular, with FirstCry’s shares opening at a 40 percent premium, reflecting the company’s solid foundation and investor confidence.
A Stellar Market Debut
On a historic Tuesday, FirstCry’s shares, initially priced at ₹465, opened at ₹651 on the NSE and ₹625 on the BSE. This strong market debut not only highlighted the company’s robust growth trajectory but also underscored the trust it has built among its consumers and stakeholders over the years.
Supam Maheshwari, the visionary Founder and CEO, FirstCry, expressed his pride and gratitude on this momentous occasion. Reflecting on the company’s journey, Maheshwari said, "From the very beginning, our mission has been to serve millions of mothers with the best products and services. This public listing stands as a testament to the dedication and hard work of our entire team. Sudhir has been a trusted partner from the start, and he, along with Team Chiratae, has gone above and beyond in supporting us. I am deeply grateful to Sudhir and Chiratae for backing us early on and walking with us every step of the way, providing unwavering support throughout our journey."
A Journey of Vision and Resilience
FirstCry’s journey has been marked by significant milestones that set it apart in a competitive market. From vertical integration into manufacturing to its successful expansion into international markets, even amidst the challenges of the COVID-19 pandemic, FirstCry has showcased resilience and strategic acumen. These moves have not only solidified its market position but have also prepared the company for its next phase of growth.
At the listing ceremony, Anand Mahindra, Chairman of Mahindra & Mahindra, lauded the company’s achievements and the strategic foresight that led to its success. "I want to congratulate Supam, and your entire team that is here, and I want to express our gratitude for creating value for yourself and your team. I want to congratulate you and express my gratitude for creating immense value for Mahindra. And I want to thank you in particular for creating enormous value for this country."
Mahindra’s connection with FirstCry goes beyond a simple investment. It was part of an experimental strategy by Mahindra Partners, a division established in 2010 to incubate and nurture new-age companies. Mahindra’s investment in FirstCry was a calculated risk, a testament to the Group’s belief in the potential of emerging businesses. As Mahindra himself highlighted, "I'm here because of the story behind the stake, which was an experiment."
A Strategic Vision for Future Growth
The proceeds from the IPO are earmarked for significant expansion plans, which include enhancing FirstCry’s store presence under the BabyHug and FirstCry brands, as well as expanding into international markets. This strategy aligns with the company’s broader vision of tapping into a total addressable market of $120 billion, a figure Supam Maheshwari cited as part of the company’s future goals.
"We will now create stronger value in a much more accelerated environment," Maheshwari said, reflecting on the company’s ambitious plans for the future.
Chiratae Ventures: A Partnership Built on Trust and Success
For Chiratae Ventures, one of the early backers of FirstCry, the journey has been equally rewarding. The venture capital firm has been a steadfast supporter, evolving from early venture investors to growth investors, backing the company through every phase of its remarkable journey.
"Supam's founding vision has been the bedrock of FirstCry's triumph. His foresight, unwavering determination, and relentless pursuit of excellence have steered the company’s growth trajectory, transforming FirstCry into a household name synonymous with trust, innovation, and customer-centricity," said Sudhir Sethi, Founder and Chairman, Chiratae Ventures.
FirstCry is a unique entity within Chiratae’s portfolio, representing the only company in which both VC and Growth Funds have been invested for over 12 years. This long-term commitment underscores Chiratae’s deep belief in FirstCry’s potential and confidence in the leadership of Supam Maheshwari.
A New Chapter Begins
As FirstCry transitions into its new role as a publicly listed company, the road ahead appears promising. Chiratae Ventures, having been a part of this journey from the start, remains a proud and supportive partner. "We have no doubt that Supam and Team FirstCry will excel in this new chapter, just as they have throughout their journey," added Sethi. "They have built a company that India can truly be proud of, and we will continue to cheer them on."
FirstCry’s journey from a startup to a publicly listed company is a story of vision, resilience, and strategic growth. It’s a story that not only inspires but also sets a benchmark for what can be achieved with dedication, foresight, and unwavering support from partners who believe in your potential. As FirstCry embarks on this new chapter, it does so with the confidence of its accomplishments and the anticipation of what lies ahead.
