Softbank backed online baby products platform FirstCry has reported a 68% increase in revenue from Rs 535 crore in financial year (FY) 2019 to Rs 897 crore in FY 2020.
The ecommerce unicorn, which is owned by Pune based BrainBees Solutions, also saw its net losses shrink 82.5% from Rs 932.7 crore in FY19 to Rs 162.7 crore in FY20, according to data intelligence platform VCCEdge.
In the filings report, the omnichannel company mentioned that a few of the group’s operations had to be closed down due to the pandemic, which impacted revenue for March 2020.
“Management believes that it has taken into account all the possible impacts of known events arising from COVID-19 pandemic and the resultant lockdown in the preparation of the consolidated financial statements,” the company said in its filings.
This includes taking into consideration recoverable values of its property, plant and equipment, intangible assets and net realizable values, among others, it said.
However, the true effect of the Covid-19 induced lockdown on the company’s business will be reflected in the FY21 earnings disclosure as the numbers for FY20 are up to March 31.
The company also reported that its total expenses decreased from Rs 1,469 crore in FY 2019 to Rs 1,050 crore in Fy2020, a fall of 28%.
The company also reported that it spent Rs 765.92 crore in purchasing of stock and goods, which is a 54% jump, along with an 83% increase in benefits provided to employees, which stood at Rs 118.15 crore.
FirstCry said it was able to optimise on miscellaneous costs such as fuel, rent and transportation, which was at Rs 267 crore, a reduction from Rs.991 crore the previous year.
Founded in 2010 by Amitava Saha, Prashant Jadhav, Sanket Hattimattur and Supam Maheshwari, the platform has so far raised close to $428 million, with funding from prominent names such as Mahindra Rise, Kris Gopalakrishnan, Temasek and others.
It turned a unicorn in February with a $300 million growth funding round from Softbank.
FirstCry claims to have over two lakh products in its portfolio, from 6,000 brands and has over 400 stores spread across Bengaluru, Hyderabad, Pune and Delhi.