FirstCry, the dominant omnichannel player in baby and maternity products retail, has reached a significant milestone in its 14-year history by announcing its public listing. This move marks a major step forward for the company, showcasing its strong foundation and earning the confidence of investors. The debut on the stock market for FirstCry was nothing short of spectacular, with shares opening at a substantial 40 percent premium, reflecting the company’s solid reputation and promising future.
A Stellar Market Debut
On a historic Tuesday, FirstCry’s shares made their market debut with an impressive opening price. Initially priced at ₹465, the shares opened at ₹651 on the NSE and ₹625 on the BSE, displaying strong investor interest and confidence in the company. This exceptional market performance not only highlighted FirstCry’s impressive growth trajectory but also emphasized the trust it has garnered among consumers and stakeholders over the years.
Supam Maheshwari, the visionary Founder and CEO of FirstCry, expressed his pride and gratitude during this momentous occasion. Reflecting on the company’s journey, Maheshwari emphasized their mission to provide millions of mothers with the best products and services. He acknowledged the support of Sudhir and Team Chiratae, expressing deep gratitude for their unwavering support throughout the company’s evolution.
A Journey of Vision and Resilience
FirstCry’s journey has been marked by significant milestones that have propelled it ahead in a competitive market. The company’s vertical integration into manufacturing and successful expansion into international markets, despite the challenges of the COVID-19 pandemic, have demonstrated its resilience and strategic prowess. These strategic moves have solidified FirstCry’s market position and positioned the company for continued growth.
At the listing ceremony, Anand Mahindra, Chairman of Mahindra & Mahindra, commended FirstCry for its achievements and strategic foresight. Mahindra highlighted the value created by Supam and his team, expressing gratitude for their contributions to the company and the nation. Mahindra’s connection with FirstCry extends beyond a simple investment, representing an experimental strategy by Mahindra Partners to nurture emerging businesses and drive value creation.
A Strategic Vision for Future Growth
The proceeds from the IPO are earmarked for significant expansion plans aimed at enhancing FirstCry’s store presence under the BabyHug and FirstCry brands, as well as expanding into international markets. This strategic vision aligns with the company’s goal of tapping into a vast total addressable market, underscoring its ambitious plans for accelerated growth and value creation in the future.
Supam Maheshwari emphasized the company’s commitment to creating stronger value in a more accelerated environment, reflecting the company’s strategic vision and ambitious growth objectives. As FirstCry transitions into its public listing, it prepares to embark on a new chapter characterized by promising opportunities for expansion and innovation.
Chiratae Ventures: A Partnership Built on Trust and Success
Chiratae Ventures, an early supporter of FirstCry, has played a pivotal role in the company’s journey to success. The venture capital firm has been a steadfast partner, evolving from early venture investors to growth investors, supporting FirstCry through every phase of its remarkable growth. Sudhir Sethi, Founder and Chairman of Chiratae Ventures, commended Supam’s founding vision and unwavering determination, highlighting FirstCry’s transformation into a trusted household name synonymous with innovation and customer-centricity.
FirstCry represents a unique entity within Chiratae’s portfolio, standing as the only company in which both VC and Growth Funds have been invested for over 12 years. This long-term commitment illustrates Chiratae’s deep belief in FirstCry’s potential and confidence in Supam Maheshwari’s leadership.
A New Chapter Begins
As FirstCry transitions into its public listing, the company looks ahead to a promising future filled with opportunities for growth and expansion. Chiratae Ventures, a supportive partner since the company’s inception, remains confident in FirstCry’s ability to excel in this new chapter. The company’s journey from a startup to a publicly listed entity is a testament to vision, resilience, and strategic growth, setting a benchmark for success achievable through dedication, foresight, and unwavering support from partners who believe in your potential.
In conclusion, FirstCry’s evolution into a publicly listed company represents a significant achievement and a testament to its commitment to serving mothers with the best products and services. As the company embraces this new chapter, it does so with confidence in its accomplishments and anticipation for the promising opportunities that lie ahead.
