Last Updated on October 14, 2026 by Team TBH
FirstCry, operated by Brainbees Solutions Limited, is one of India’s leading omnichannel platforms for baby, kids’ and maternity products. Founded in 2010, the company has expanded from an online retailer into a multi-channel business spanning e-commerce, physical stores, private labels, international retail and its GlobalBees portfolio of consumer brands.
The platform brings together third-party brands and its own product labels, serving customers across categories such as diapering, feeding, baby care, toys, apparel, footwear, nursery products and maternity essentials. Its combination of online discovery and physical retail is central to its positioning in India’s organised baby and children’s products market.
In August 2024, Brainbees Solutions Limited went public on the BSE and NSE through its initial public offering (IPO). The listing marked a significant milestone in FirstCry’s evolution from a privately funded startup into a publicly listed consumer retail company.
The company’s latest audited full-year results are for FY2025–26, ended March 31, 2026. Brainbees Solutions reported consolidated revenue from operations of ₹8,547.94 crore, compared with ₹7,659.61 crore in FY2025, while its consolidated net loss narrowed to approximately ₹203.66 crore.
Founders: The Minds Behind FirstCry
Supam Maheshwari, co-founder of FirstCry, is an entrepreneur with a background in engineering, management and e-commerce. Before building FirstCry, he co-founded Brainvisa Technologies, an e-learning business, and later helped establish XpressBees as a separate logistics venture.
Amitava Saha, FirstCry’s co-founder, has played a key role in developing the company’s operational capabilities. Their complementary experience helped FirstCry build a business that combines online retail with inventory management, distribution and a physical store network.
The business idea was rooted in a practical consumer problem: parents in India did not always have convenient access to the range of quality baby products they wanted. The founders identified an opportunity to build a specialised destination for baby and children’s products rather than relying exclusively on general-purpose retail platforms.
FirstCry’s Success Story: From Startup to Stock Exchange
The Founding Idea (2010)
FirstCry was founded in 2010, when India’s e-commerce industry was still developing. The company initially focused on making a wide range of baby and children’s products available online, addressing a fragmented retail market in which parents often had to visit multiple stores to find suitable products.
An online-first model offered convenience, product discovery and access to a broader assortment. As the business grew, however, FirstCry recognised that physical stores could complement e-commerce by allowing customers to inspect products and receive assistance before making a purchase.
Building the Omnichannel Network (2011–2018)
FirstCry expanded into offline retail through franchise-led stores, building a physical presence beyond the largest metropolitan markets. Franchising enabled the company to expand its reach while limiting the capital required to own and operate every outlet itself.
Physical retail also addressed an important consumer need: parents often prefer to examine clothing, strollers, feeding products and other baby essentials before purchasing them. Combining stores with digital shopping created multiple routes for customers to discover products and interact with the brand.
FirstCry also developed its own brands, including BabyHug and CuteWalk, and expanded its portfolio through labels such as Babyoye, Pine Kids, Mark & Mia and Kriti. Owned brands give the company greater influence over product assortment, pricing, design and positioning, although their actual profitability depends on sourcing, marketing, inventory and operating costs.
Another part of FirstCry’s marketing approach has involved reaching parents during important stages of the parenting journey. Its hospital-linked gifting and sampling initiative, commonly known as the FirstCry Box, has been used to introduce new parents to baby-care products and participating brands; specific claims about the programme’s monthly distribution and hospital coverage should be treated as estimates unless supported by a current company disclosure.
Unicorn Status and Pre-IPO Growth (2019–2023)
FirstCry achieved unicorn status in 2020 after a major funding round led by SoftBank valued the business at more than US$1 billion. Subsequent investments from institutional investors helped finance the company’s expansion in retail, technology and adjacent consumer categories.
During this period, FirstCry also developed GlobalBees, a platform focused on acquiring and scaling digital-first consumer brands. The strategy diversified the group beyond its core baby and children’s retail business, although the performance of the portfolio depends on the operating results of its individual brands.
GlobalBees has become a meaningful part of Brainbees Solutions’ consolidated revenue. In FY2026, the segment generated approximately ₹1,894.3 crore, up around 20% from FY2025, according to the company’s investor presentation.
The IPO Journey (2024)
Brainbees Solutions Limited launched its IPO in August 2024. The issue was open for subscription from August 6 to August 8, with a price band of ₹440–₹465 per share.
The IPO comprised a fresh issue of approximately ₹1,666 crore and an offer for sale of approximately ₹2,527.73 crore, taking the total issue size to around ₹4,193.73 crore. The fresh issue raised capital for the company, while the offer for sale enabled existing shareholders to sell part of their holdings.
The shares listed on the BSE and NSE on August 13, 2024, at ₹625 and ₹651 respectively, compared with the final issue price of ₹465. These opening prices represented premiums of approximately 34.4% on the BSE and 40% on the NSE.
The IPO prospectus outlined the intended use of fresh issue proceeds, including store expansion, warehouse infrastructure, international operations and general corporate purposes. These were stated objectives at the time of the offering, rather than a guarantee of subsequent business performance.
Business Model of FirstCry
FirstCry operates a multi-channel retail model built around product sales, physical stores and a portfolio of related businesses. Its operations can be understood through the following major business areas.
1. Multi-Brand Online Retail
The FirstCry website and mobile app offer parents a specialised destination for baby, kids’ and maternity products. The assortment includes third-party brands alongside products developed and sold under FirstCry’s own labels.
The platform combines digital product discovery, category browsing, product information and order fulfilment. Its scale depends on factors such as product availability, pricing, customer experience, seller relationships and logistics performance.
The company uses a combination of direct inventory sales and marketplace-related activity. The precise economics vary by product and transaction, so it is important not to assume that every item listed on the platform follows the same inventory or fulfilment model.
2. Omnichannel Physical Retail
FirstCry complements e-commerce with a physical store network in India. Its retail formats have included franchisee-owned and franchisee-operated stores, as well as company-owned and company-operated outlets.
The offline channel helps customers evaluate products in person and seek advice from store staff. It can also support brand discovery and connect physical shopping with digital browsing, subject to the services available at a particular location.
Franchising offers a way to expand geographically without the company funding every store directly. However, franchise growth still requires consistent standards, suitable locations, franchisee economics and effective inventory and service management.
3. Private Labels: BabyHug, CuteWalk, Babyoye and Others
FirstCry’s owned-brand portfolio includes BabyHug, CuteWalk, Babyoye, Pine Kids, Mark & Mia and Kriti. These brands cover selected categories across baby and children’s clothing, footwear and lifestyle products.
Private labels allow the company to exercise greater control over product design, sourcing, pricing and merchandising. They can also differentiate the assortment from competitors that rely more heavily on third-party brands.
Owned brands may offer better gross-margin potential than reselling external products, but higher margins are not automatic. Product quality, demand forecasting, returns, discounting, advertising and unsold inventory all affect the financial outcome.
4. GlobalBees: A House of Brands
GlobalBees is Brainbees Solutions’ consumer-brand business, focused on building and scaling brands across selected consumer categories. Its strategy includes using operating capabilities and distribution channels to support brands that may otherwise have to scale independently.
In FY2026, GlobalBees recorded approximately ₹1,894.3 crore in revenue from operations, representing around 22% of the group’s consolidated revenue before considering inter-segment eliminations. Its revenue grew by approximately 20% year-on-year, according to the company’s FY2026 investor presentation.
GlobalBees is strategically important because it diversifies the group beyond FirstCry’s core retail platform. Its long-term contribution depends on the growth, profitability and integration of the businesses within its portfolio.
5. International Operations
FirstCry has expanded into markets including the United Arab Emirates and Saudi Arabia. Its international business adapts the company’s baby and children’s product offering to consumers outside India.
The Middle East provides opportunities to serve families seeking a specialised retail assortment, but the business also faces competition from established retailers and large e-commerce platforms. Local demand, fulfilment costs, promotional intensity and market-specific operating conditions influence performance.
In FY2026, the international segment generated approximately ₹947.4 crore in revenue from operations, an increase of around 10% over FY2025. Despite revenue growth, the segment continued to report negative adjusted EBITDA, although the company reported an improvement in those losses.
6. Preschools and Related Services
FirstCry has also extended its presence into early childhood education through preschool-related offerings and franchise models. This provides an adjacent service opportunity connected to families with young children.
Preschool operations should be viewed separately from product retail because they involve different service delivery, staffing, location and regulatory requirements. Their strategic value may include additional brand touchpoints, but the scale and profitability of the segment should be assessed using the company’s disclosed financial information.
7. The FirstCry Box: Hospital Gifting and Sampling
The FirstCry Box programme introduces new parents to baby-care products through a hospital-linked gifting and sampling initiative. Participating brands can use such programmes to place products directly in front of consumers at an important point in the parenting journey.
For FirstCry, the initiative can create awareness and encourage product discovery. However, the programme’s precise reach, commercial terms and customer-acquisition effectiveness should not be described as established facts without current, verifiable company data.
8. XpressBees: The Logistics Connection
XpressBees developed from a logistics operation associated with FirstCry and subsequently became an independent logistics business. Supam Maheshwari is associated with the founding of the logistics company, which serves a broader set of businesses beyond FirstCry.
XpressBees should not be presented as a current FirstCry revenue segment without evidence of a relevant ownership or consolidation relationship. Its role is better understood as part of the wider entrepreneurial history surrounding FirstCry and the development of India’s e-commerce logistics ecosystem.
How Does FirstCry Make Money? Revenue Streams
Brainbees Solutions reports revenue across four segments: India multi-channel, international, GlobalBees and others. The company’s FY2026 segment figures are shown below.
Private-label sales are included within the relevant operating segments rather than necessarily being reported as a separate consolidated revenue stream. Likewise, any income associated with sampling programmes or preschool operations should not be assigned a separate revenue amount unless the company discloses it.
Funding, Investors and Valuation Journey of FirstCry
FirstCry’s growth has been supported by venture capital, growth equity and strategic investors. SoftBank was a major pre-IPO investor, while other investors included TPG, Premji Invest, ChrysCapital and Mahindra & Mahindra, among others.
The company completed its IPO in August 2024, providing an opportunity for existing shareholders to sell part of their holdings and raising fresh capital for the business. The IPO also brought Brainbees Solutions under the reporting and governance requirements applicable to listed companies.
Historical funding amounts and investor ownership percentages vary by transaction date and by whether the figures refer to fully diluted capital, pre-IPO holdings or post-IPO holdings. For that reason, ownership percentages should always be accompanied by an explicit date and should be verified against the relevant shareholding disclosures.
Financial Performance of FirstCry
FirstCry’s financial performance illustrates the scale and complexity of expanding an omnichannel retail group. Revenue growth has been accompanied by investment in stores, technology, owned brands and international operations, while the company has continued to work on improving profitability.
Revenue and Profitability: FY2025–FY2026
| Fiscal Year | Revenue from Operations | Consolidated Net Loss | Key Development |
|---|---|---|---|
| FY2025 | ₹7,659.61 crore | ₹264.81 crore | Revenue growth across the group’s businesses |
| FY2026 | ₹8,547.94 crore | ₹203.66 crore | Higher revenue and a narrower consolidated loss |
Source: Brainbees Solutions audited FY2025–26 financial results.
Consolidated revenue increased by approximately 11.6% in FY2026, while the consolidated net loss narrowed by approximately 23% year-on-year. These results indicate an improvement in reported profitability, but they do not mean the group has become profitable at the consolidated net-profit level.
The company also reported positive adjusted EBITDA for the group and positive profit after tax and free cash flow for its India multi-channel business in FY2026. These measures describe different aspects of performance and should not be confused with consolidated net profit.
Latest Quarterly Performance: Q1 FY2026–27
In the first quarter of FY2026–27, ended June 30, 2026, Brainbees Solutions reported consolidated revenue from operations of approximately ₹2,106.23 crore, up 13.08% year-on-year. The company reported a consolidated net loss of approximately ₹43.95 crore for the quarter.
Quarterly results can fluctuate because of seasonality, promotional activity, expenses and the performance of individual segments. They should be assessed alongside the full-year results and management’s commentary rather than treated as a definitive forecast for the entire financial year.
Competitive Landscape: FirstCry vs. Rivals
FirstCry competes with general e-commerce marketplaces, online fashion platforms, specialist baby retailers and traditional local stores. The level of overlap varies by category and customer segment.
FirstCry’s differentiation rests on its specialist category focus, combination of online and offline channels, product assortment and owned brands. Its physical presence can also help customers who prefer to examine products before purchasing them.
However, the size of its catalogue or store network alone does not prove a durable competitive advantage. Customer retention, service quality, pricing, inventory availability, unit economics and the profitability of individual business segments are also important measures of competitive strength.
Growth Strategy and What’s Next for FirstCry
Brainbees Solutions’ recent financial results point to several areas that will shape the company’s next phase of growth.
Store and omnichannel development: FirstCry can continue improving how its online platform and physical stores work together, with store expansion evaluated against location-level economics and customer demand.
International operations: The company can pursue overseas growth while working to improve segment profitability. Its FY2026 results show that international revenue increased, but adjusted EBITDA losses remained a challenge.
Private-label development: Expanding owned brands can support differentiation and margin opportunities, provided product quality, inventory management and customer demand remain strong.
GlobalBees growth: GlobalBees is an increasingly meaningful contributor to group revenue. Its long-term value will depend on sustainable organic growth, operating efficiency and the profitability of its brand portfolio.
Technology and personalisation: Better product discovery, customer service, recommendations and fulfilment can improve the experience across digital and physical channels. The financial impact of these initiatives should be assessed through disclosed operating metrics rather than assumed.
Path to consolidated profitability: The reduction in the consolidated net loss in FY2026 is encouraging, but Brainbees Solutions remained loss-making at the consolidated net-profit level. Sustaining revenue growth while improving margins and cash generation will remain important.
Frequently Asked Questions (FAQs)
Q1. What is FirstCry and what does it sell?
A: FirstCry is an Indian retail platform focused on baby, kids’ and maternity products. Operated by Brainbees Solutions Limited, it sells a range of products through online channels and physical stores, including apparel, toys, feeding products, baby care, footwear and nursery essentials.
The platform combines third-party brands with owned labels such as BabyHug, CuteWalk, Babyoye, Pine Kids, Mark & Mia and Kriti.
Q2. When did FirstCry go public and at what price?
A: Brainbees Solutions Limited launched its IPO from August 6 to August 8, 2024, with a price band of ₹440–₹465 per share. The final issue price was ₹465, and the shares listed on the BSE and NSE on August 13, 2024.
The total issue size was approximately ₹4,193.73 crore, comprising a fresh issue and an offer for sale by existing shareholders.
Q3. What is FirstCry’s revenue?
A: Brainbees Solutions reported consolidated revenue from operations of ₹8,547.94 crore in FY2026, compared with ₹7,659.61 crore in FY2025. This represents year-on-year growth of approximately 11.6%.
Its FY2026 revenue came primarily from India multi-channel operations, GlobalBees and international operations, with a smaller contribution from the “Others” segment.
Q4. Who are the major investors in FirstCry?
A: FirstCry’s parent company has received investment from institutions and strategic investors including SoftBank, TPG, Premji Invest, ChrysCapital and Mahindra & Mahindra, among others.
The exact ownership percentages have changed over time, particularly following the IPO and subsequent shareholding changes. Current ownership should be verified using the latest exchange-filed shareholding pattern rather than historical pre-IPO figures.
Q5. How does FirstCry make money?
A: FirstCry’s parent company earns revenue through its India multi-channel retail business, international operations, GlobalBees and other activities. These businesses encompass online and offline product sales, owned brands and the operation of consumer-brand businesses.
Private-label sales and services such as sampling or preschool-related activities should not automatically be treated as separate consolidated revenue streams unless the company reports them separately.
Q6. Is FirstCry profitable?
A: Brainbees Solutions remained loss-making at the consolidated net-profit level in FY2026, reporting a net loss of approximately ₹203.66 crore. This was an improvement from the approximately ₹264.81 crore loss reported in FY2025.
The company also reported positive adjusted EBITDA for the consolidated group and positive profit after tax and free cash flow for its India multi-channel business. These measures are distinct from consolidated net profit, so the business should not yet be described as consolidated-net-profitable on the basis of those figures.
Q7. What is GlobalBees and why does it matter for FirstCry?
A: GlobalBees is Brainbees Solutions’ house-of-brands business, which acquires and scales consumer brands across selected categories. It provides a source of revenue beyond the core FirstCry retail platform.
GlobalBees generated approximately ₹1,894.3 crore in FY2026 revenue, up around 20% year-on-year. Its long-term contribution will depend on the ability of its brands to grow sustainably and improve operating profitability.
Q8. What is the FirstCry Box programme?
A: The FirstCry Box is a hospital-linked gifting and sampling initiative designed to introduce new parents to baby-care products. It can help participating brands offer product samples while increasing awareness of FirstCry among families.
Claims about the number of boxes distributed each month, participating hospitals and customer-acquisition results should be supported by current, verifiable disclosures before being stated as precise facts.
Also Read: Pee Safe – Breaking the Stigma Around Hygiene
Conclusion
FirstCry’s journey from a specialised online retailer in 2010 to a publicly listed omnichannel business reflects the development of India’s organised baby and children’s retail market. By combining e-commerce, physical stores, owned brands and adjacent consumer businesses, Brainbees Solutions has built a diversified operating model.
The company’s FY2026 results show continued revenue growth and a narrower consolidated net loss. However, profitability remains an important challenge, particularly as the group balances investment in international markets, physical retail, technology and its consumer-brand portfolio.
The next phase of FirstCry’s growth will depend on more than expanding its assortment or store network. Improving customer experience, strengthening owned brands, managing inventory efficiently and converting revenue growth into sustainable consolidated profitability will be central to its long-term performance.
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