Supam Maheshwari, the co-founder and CEO of FirstCry, an e-commerce platform specializing in mother and child care, has reportedly sold 6.2 million shares ahead of the company’s upcoming initial public offering (IPO).
As per a report from MoneyControl, Maheshwari’s divested shares are estimated to be worth more than INR 300 crore.
According to the Draft Red-Herring Prospectus (DRHP) of the company, the CEO of FirstCry has included himself as a selling shareholder in the public offering.
His ownership stake in the company was initially 7.46 percent, but following the submission of the draft IPO papers, his shareholding decreased to 5.95 percent.
As indicated in the DRHP, Maheshwari divested 9.34 million shares in the six months leading up to the filing date of the IPO papers.
“At the price of INR 487.44 apiece, this share transfer would be worth over INR 455 crore,” said the report. FirstCry was yet to respond to the report.
Earlier reports suggest that SoftBank, the Japanese investment giant, has divested shares totaling $310 million in FirstCry through two separate rounds.
Late last month, FirstCry submitted its Draft Red-Herring Prospectus (DRHP) to SEBI, the market regulator, with a plan to raise INR 1,816 crore through a fresh issuance of shares.
The parent company of FirstCry, BrainBees Solutions, submitted the Draft Red-Herring Prospectus (DRHP), which incorporates an offer-for-sale (OFS) involving 5.4 crore equity shares.
The IPO funds raised by FirstCry will be employed to establish modern retail stores and warehouses across the country.
FirstCry’s Financial Performance in FY23
Meanwhile, the company recorded INR 5,632 crore in revenue from operations in FY23, with its losses increasing over sixfold from INR 79 crore in FY22 to INR 486 crore.
India’s first healthy and hygienic food street, ‘Prasadam,’ was officially inaugurated by Dr. Mansukh Mandaviya, Union Minister for Health & Family Welfare, at Neelkanth Van, Mahakal Lok, in Ujjain, Madhya Pradesh.
He said, “Prasadam will connect common citizens in every corner of the country with pure and safe local and traditional food. This endeavour will align common people and tourists to safe and healthy eating habits.”
Praising the progress in infrastructure and amenities around food streets, the Union Health Minister highlighted efforts in training and enhancing the capacity of street food vendors in terms of food safety and hygiene. Dr. Mandaviya also toured the lively stalls at the Eat Right Millets Melas, engaging with proficient food handlers.
Dr. Mohan Yadav, Chief Minister of Madhya Pradesh, lauded the Food Street initiative for its commitment to providing accessible, healthy, and clean food in an engaging manner, contributing significantly to the promotion of a healthier nation.
In an effort to empower consumers in combating adulteration, the Food Safety and Standards Authority of India (FSSAI) has introduced ‘The DART Book.’ This publication provides simple tests that individuals can perform at home to identify common food adulterations. Moreover, the launch of the mobile food testing van, named Food Safety on Wheels (FSW), aims to reach remote areas. This initiative involves conducting training sessions and awareness activities, as the van travels from city to village, promoting awareness campaigns and facilitating adulteration testing.
Prasadam: Culinary Delight for Devotees in Ujjain
Encompassing 939 square meters and housing 17 shops, ‘Prasadam’ presents a convenient and culturally vibrant dining experience for the 1-1.5 lakh devotees who visit the Mahakaleshwar Temple daily. This recently inaugurated food street is strategically designed to offer diverse facilities, such as a kids’ play area, drinking water facility, CCTV surveillance, parking, public conveniences, and ample seating spaces. Beyond elevating Ujjain’s tourism allure and upholding its culinary heritage, ‘Prasadam’ is poised to play a role in fostering economic growth and community engagement.
The event saw the participation of various Members of Parliament, senior government officials, as well as eminent dignitaries.
Leisure Hotels Group (LHG), an experiential resort chain in North India and the largest in the state of Uttarakhand, has announced the signing of the renowned Baikunth Resort. Nestled amidst nature in the serene hill station of Kasauli, this mountainous retreat marks another exciting phase of growth in the picturesque state of Himachal Pradesh. The Group has also recently signed a Management Agreement for a premium boutique hotel in the vibrant hill town of Mcleodganj.
Nestled strategically on a pristine hillside, Baikunth Resort in Kasauli features 37 well-appointed rooms and cottages offering sweeping views of the valley. Guests can savor delectable meals from an international and national menu at the multi-cuisine restaurant. The elegant Glass House Bar provides a relaxing atmosphere for guests to unwind and enjoy exquisite cocktails. The resort offers ample spaces for intimate events, catering to both business and leisure needs. Enveloped by nature trails, this tranquil retreat encourages guests to explore and partake in various recreational activities, including nature walks. Special attention is given to children at Baikunth, with a dedicated children’s room and opportunities for fun at the jungle gym and nature trails around the resort.
Speaking on the occasion, Vibhas Prasad, Director, Leisure Hotels Group, said, “We are excited about the partnership with Baikunth Resorts Pvt Limited, led by Mr Rana Jolly & Family, to make Baikunth Kasauli, already one of the most sought-after resorts in the region to our portfolio at a soon to be announced date.”
He added, “This is a strategic move in our long-term goal of augmenting our Group’s landscape and foothold in destinations across Himachal. With Kasauli being a popular tourist destination across seasons, we aim to become the first choice of travellers looking for a tranquil stay close to nature with our top-notch hospitality and services.”
Nestled amidst lush pine forests, offering a panoramic 360-degree vista of pristine hills, the hotel is conveniently located approximately 2 hours from the nearest Chandigarh airport. Accessible by both train and bus, the property is in close proximity to renowned Instagram-worthy attractions. These include the breathtaking Sunset Point, a charming toy train ride that provides stunning views of the surroundings, and an enticing hiking opportunity at the picturesque Timber Trail. With its opulent Victorian architecture and tranquil ambiance, Kasauli, a captivating cantonment hill town, stands as an ideal destination for a rejuvenating getaway.
Slurrp Farm, a children-focused snacking and meal brand, has secured INR 59.9 crore ($7.2 million) in a recent funding round from a mix of new and existing investors. This investment marks a significant milestone for the Gurugram-based startup, as it breaks a nearly two-year hiatus from fundraising activities.
According to documents obtained from the Registrar of Companies, the board of Wholsum Food Private Limited, the parent company of Slurrp Farm, has approved a special resolution to issue 3,13,691 Series C preference shares. These shares will be offered at an issue price of INR 1,909 each, aiming to raise INR 59.9 crore.
Current backers Fireside Venture and Raed Capital infused INR 12.4 crore and INR 5.48 crore, respectively, in the funding round, whereas newcomers Alkemi Ventures and Madhurima International each added INR 17.5 crore. Sharrp Ventures, the investment office representing the Harsh Mariwala family, also joined the funding with a contribution of INR 7 crore.
The newly acquired investment will be utilized to enhance the long-term financial resources of the company, as indicated in the filing.
After this funding round, Fireside Ventures is set to possess 20.72% of the company, while Madhurima International, Sharrp Ventures, and Alkemi Ventures will have ownership stakes of 3.43%, 1.37%, and 3.43%, respectively.
As per the estimates from the startup data intelligence platform TheKredible, the company’s valuation post-allotment stands at approximately INR 510 crore or $62 million. In February 2022, Slurrp Farm secured $7 million in a Series B round led by the Investment Corporation of Dubai. Subsequent to this funding round, Bollywood actress Anushka Sharma became an investor and the brand ambassador for Slurrp Farm’s flagship brand.
Established in 2016, the company specializes in crafting snacks and meals for young children, with a focus on millet-based offerings. Its diverse portfolio encompasses more than 25 products, featuring items such as porridges, cereals, puffed snacks tailored for children, millet pancakes, millet dosa, cake mixes, and various others.
The parent company of Slurrp Farm witnessed a revenue surge of over 2X, reaching INR 40 crore in FY23, in contrast to INR 19.15 crore in FY22. However, the company’s losses also experienced a 1.7X increase, totaling INR 32.20 crore during the same period.
The company has established an objective to achieve INR 500 crore in revenue within the next few years and strives to expand its presence to 40,000 stores. This marks a substantial 20-fold increase from its current presence in 2,000 stores.
Noida-based Kidbea, an innovative bamboo-based kids’ fashion brand, has secured $1 million in a Pre-series A funding round led by the early-stage investment firm Venture Catalysts.
The funding round also saw participation from Agility Ventures, BestVantage Investments, and notable industry figures including Sandeep Agarwal and Upasana Agarwal, co-founders of Droom, as well as Ashok Bahadur and HiroMizushima, a well-known celebrity actor in Japan.
Established in 2021 by Swapnil Srivastav, Mohammad Hussain, and Aman Kumar Mahto, Kidbea is dedicated to crafting children’s apparel using bamboo plant-based materials known for their skin-friendly and comfortable attributes.
The funding secured will be deployed to strengthen marketing and branding efforts, enlarge the team, and improve operational efficiency. Additionally, a significant portion of the funds will be earmarked for research and development as well as technology to sustain a prominent position in the dynamically evolving children’s fashion industry.
Kidbea offers a diverse product lineup with more than 250 Stock Keeping Units (SKUs), encompassing kids’ rompers, bodysuits, reusable cloth diapers, soft toys, and accessories. Currently available on leading online platforms and stocked in over 30 affiliated stores within premium children’s hospitals, the brand has successfully extended its global presence to encompass the UAE, Bahrain, and Australia.
Mohammad Hussain, Co-founder of Kidbea, expressed, “The funding signifies a major milestone in our journey to turn Kidbea into a INR 500 crore brand within the next 3 years. This funding provides us with the means to improve our sustainable offerings, extend our global presence, and persist in redefining children’s fashion.”
Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts, highlighted the potential in the children’s apparel and accessories market, stating, “Choosing to invest in Kidbea was an obvious decision for us. With India’s daily birth rate exceeding 67,000 children, there is a substantial opportunity for Kidbea to target the market across both metropolitan areas and small towns, driven by the increasing awareness among new parents regarding sustainable and eco-friendly clothing.”
Kidbea’s Vision: INR 500 Crore Brand in 3 Years
With the ambition to reach a valuation of INR 500 crore within the next three years, Kidbea has reported a remarkable 8X increase in revenue during FY-23. This growth underscores the brand’s increasing popularity in the expanding kidswear market, estimated at USD 16.4 billion. Kidbea’s commitment to sustainability and quality, coupled with the strategic utilization of its recent funding, positions the company to strengthen its position as a leading force in the global children’s fashion industry.
Walmart-owned Flipkart has initiated a workforce reduction program that may result in a reduction of five to seven percent in its overall staff, as reported by The Economic Times (ET). This action aligns with the company’s annual performance-driven job cuts, a practice that has been implemented for the last two years. The completion of this process is anticipated by March-April, aligning with the ongoing performance evaluations and the conclusion of the current fiscal year.
The e-commerce behemoth, boasting a workforce of 22,000 employees (excluding Myntra), has been proactively controlling expenditures, which includes a freeze on new hires in the past year. Concurrently, the company is in the process of concluding a $1 billion financing round from Walmart and other investors.
Flipkart Focuses on Resource Optimization:
The downsizing of the workforce is in line with Flipkart’s emphasis on optimizing resources across both its established and newly launched ventures. The company is slated to deliberate on and formalize the restructuring strategies along with the roadmap for 2024 during an imminent meeting of senior executives scheduled for the next month.
Although there is a reduction in the workforce, there are currently no indications of reconsidering the decision to defer Flipkart’s public offering until 2024. Initially contemplating an IPO launch in 2022-23, Flipkart chose to postpone those plans.
Flipkart achieved a 42% increase in operating revenue, amounting to INR 14,845 crore by the conclusion of December in the current financial year (FY23). As per information obtained from the business intelligence platform Tofler, Flipkart’s overall loss reduced by nine percent to INR 4,026 crore. Total expenses saw a 26% rise to INR 19,043 crore, with a notable portion dedicated to logistics, employee benefits, and advertising expenditures.
On January 22, 2024, Assam will mark a ‘dry day’ to commemorate the consecration ceremony of the Ram Mandir in Ayodhya.
The Assam government announced this as a gesture of reverence for the important religious occasion.
Tourism Minister Jayanta Malla Baruah announced the decision after a cabinet meeting led by Chief Minister Himanta Biswa Sarma.
The ‘dry day’ signifies that the sale of alcohol will be prohibited throughout the state on this day.
The consecration ceremony is a momentous occasion for devotees, and it is expected to draw the attention of numerous dignitaries, including Prime Minister Narendra Modi. The state of Chhattisgarh has also declared January 22 as a ‘dry day,’ reflecting the widespread reverence for the event.
Situated in Ayodhya, the temple itself is an architectural marvel, boasting dimensions of 360 feet in length, 235 feet in width, and 161 feet in height. The construction is undertaken by Larsen & Toubro, generously providing their services free of cost.
‘Dry Day’ Symbolism for Ram Mandir:
The Assam government’s decision to declare a ‘dry day’ is part of a broader set of measures taken by various states to commemorate the inauguration of the Ram Mandir, which stands as a symbol of cultural and spiritual significance.
The Union government is actively formulating a INR 576 crore aquaculture plan in four northern states. The objective is to establish a hub for shrimp farming dedicated to both export and domestic consumption. This initiative involves harnessing land unsuitable for conventional crop cultivation, as revealed by two officials familiar with the matter.
Over the past year, officials and scientists from the department of fisheries and the Central Institute of Brackishwater Aquaculture examined thousands of hectares of saline wasteland unsuitable for crops in 25 districts of Uttar Pradesh, Rajasthan, Haryana, and Punjab. One anonymous source revealed that they identified clusters in these regions where shrimp aquaculture could prove to be productive.
The researchers discovered that the productivity of cultivated crustaceans, or the output per hectare, in Haryana is comparable to the global average, ranging around 6-7 tonnes. This finding positions Haryana as a potential significant hub for shrimp farming, considering that the majority of shrimp farming currently takes place in the coastal states of the country.
India has received backing for its shrimp farming endeavors from international organizations such as the World Bank, Food and Agriculture Organization, and Asian Development Bank. The nation stands as one of the leading exporters of cultured shrimp. Recent industry reports indicate that the Indian seafood sector is poised for rapid expansion, facilitated by the approval of the Coastal Aquaculture Authority (Amendment) Bill 2023 by both houses of Parliament. As of 2022, India holds the position of the second-largest aquaculture shrimp producer, with a production of 900,000 tonnes, trailing behind Ecuador.
Eco-Friendly Shrimp Hubs in Northern India:
On a global scale, shrimp farming is recognized for its significant freshwater consumption, typically operated by large corporations and associated with ecological harm. The highly mechanized shrimp industry often overlooks the importance of local employment and tends to relocate when faced with stringent regulations. Environmental activists refer to this phenomenon as the “hamburger connection,” wherein Central American rainforests are cleared to facilitate shrimp cultivation, ultimately supplying shrimp for use in burgers.
“The difference with the shrimp hubs in these states will that they will be eco-friendly, using technologies such as biofloc and will come up only on unproductive wasteland,” said Sagar Mehra, joint secretary in the fisheries department.
The shrimp clusters have the objective of creating 50,000 jobs within the local community, encompassing direct employment as well as positions in ancillary activities like warehousing and cold storages. A state-of-the-art aqua park in Bhiwani, funded with INR 100 crore, is slated to function as a training center, as mentioned by a second official who preferred to remain anonymous.
Each kilogram of farmed shrimp results in the production of around 15,000 liters of effluent, often carrying toxic residues. This untreated mixture is commonly released into the groundwater, causing the contamination of drinking water in local communities.
The shrimp hubs in northern India will employ biofloc technology developed by the Central Institute of Brackishwater Aquaculture. This technology will handle excreta and other wastes on-site, converting them into feed for the crustaceans.
The Pradhan Mantri Mudra Yojana, with a funding distribution of 60:40 between the Centre and states, seeks to establish aquaculture assets capable of generating 5.5 million livelihoods nationwide by 2025. Through this micro-credit scheme, funds will be provided to support new shrimp farmers.
The selected districts for the project comprise Rohtak, Fatehabad, and Gurugram in Haryana, along with Mathura, Agra, and Hathras in Uttar Pradesh. Additionally, the chosen districts include Fazilka, Muktsar, and Mansa in Punjab, as well as Ganganagar and Churu in Rajasthan.
“The key to this project’s success will be to ensure there is handholding from start to finish and export avenues and remunerative prices are ensured through market linkages,” said CV Balakrishna, a former marine consultant with the FAO.
The first official mentioned that agreements are anticipated to be signed with the Marine Products Export Development Authority for exports.
Snapdeal-owned SaaS startup Unicommerce, which submitted its draft red herring prospectus (DRHP) on Saturday, reported a profit for the first six months of FY24 that nearly matched its entire profit for FY23.
In the first half of FY24, Unicommerce recorded a net profit of INR 6.3 Cr. Comparatively, during FY23, the startup’s net profit exhibited an 8% growth, reaching INR 6.4 Cr, up from INR 6 Cr in the preceding fiscal year.
Unicommerce’s operating revenue reached INR 51 Cr in H1 FY24. Reflecting substantial growth, the startup’s operating revenue in FY23 surged by 52% to INR 90 Cr from INR 59 Cr in FY22.
Acquired by Snapdeal in 2015, Unicommerce offers a suite of SaaS products that it asserts allows enterprises and small and medium businesses (SMBs) to efficiently handle their entire post-purchase ecommerce operations journey.
Inclusive of additional revenue streams, Unicommerce disclosed a total income of INR 54 Crores for the six-month period concluding in September 2023.
In the first six months of FY24, the startup reported a total expenditure of INR 45.5 Crores. In FY23, overall expenses surged by 55%, reaching INR 84.1 Crores from INR 54.4 Crores in FY22.
Unicommerce Employee Costs and Expenditure Trends:
As a SaaS startup, Unicommerce primarily allocates a significant portion of its expenditures to employee costs. In the first half of FY24, the startup’s employee costs amounted to INR 34.5 Crores. Throughout FY23, Unicommerce witnessed a 47% rise in employee benefit expenses, reaching INR 62 Crores compared to INR 42.3 Crores in FY22.
The startup incurred a server cost of INR 2.4 Crores in the first half of FY24. This amount had reached INR 5.4 Crores in FY23 and INR 3.28 Crores in FY22.
The year 2024 is shaping up to be an active period for investors in startup IPOs, with Unicommerce emerging as the fifth Indian startup, following Ola Electric, FirstCry, Awfis, and MobiKwik, to file a DRHP in the last three weeks.
The SoftBank-backed startup’s IPO will solely feature an offer for the sale of existing shares, without any issuance of fresh shares. According to the DRHP, investors associated with the startup are aiming to sell up to 2.98 Crore shares during the IPO.
SoftBank, holding a 29.23% stake in the startup, is set to divest the largest share quantity in the IPO, amounting to 1.6 Crore shares. AceVector Limited, the promoter and parent entity of Snapdeal, intends to sell up to 1.14 Crore shares of Unicommerce. Presently, AceVector holds a 38.18% stake in Unicommerce.
The Indian footwear industry could experience a substantial increase, reaching a market size of USD 90 billion by 2030—more than three times its current valuation of USD 26 billion. This growth is contingent upon the implementation of various measures, such as banning shoe imports, providing fiscal incentives, establishing additional design centers, and encouraging Taiwanese contract manufacturers to establish a presence in the country, according to a report by the Global Trade Research Initiative (GTRI) released on Sunday.
“This growth will be characterized by two main changes – a significant increase in the demand for non-leather footwear (like sports shoes, running shoes, casual wear, and sneakers) in India, rising from 25 per cent to 75 per cent of the market share by 2030; and a shift in leather shoe production from small-scale, cottage industries to large corporates,” it said.
Strategic Steps for Footwear Sector:
The report proposes eight actions for the sector, emphasizing that the technology used in shoe manufacturing is rudimentary compared to electronics or semiconductor production. It suggests that India should encourage local production by both domestic firms and multinational corporations (MNCs) while advocating for a halt in the importation of finished shoes.
“Today many brands sell make in China or Vietnam shoes in India. Few others do part manufacturing In India and import the premium shoes. India should support firms to make shoes locally by removing policy and logistics impediments,” it said.
The recommendation includes proposing the implementation of the Production-Linked Incentive (PLI) scheme for essential inputs required in the production of premium shoes. This is crucial because India currently lacks the production capability for key inputs such as outsole molds, glue, ethylene vinyl acetate (EVA) granules, and thermoplastic polyurethane (TPU) films.
At present, critical materials are imported by manufacturers, leading to a surge in production costs by 30-40 percent. Consequently, the majority of brands are compelled to import premium shoes from China and Vietnam.
“PLI-supported local production of critical inputs will help in making premium quality light and strong shoes locally. The government should also consider exempting leather shoes from QCO (quality co-tool order) application,” the report prepared by GTRI Co-Founder Ajay Srivastava said.
Additionally, the report recommended that the government levy a 35 percent customs duty on footwear imports priced below USD 3 per pair. It further proposed establishing a minimum import price of USD 5 per pair as a safeguard measure to protect the domestic industry.
Around 25 per cent of shoe imports in India are priced at less than USD 3 per pair.
It added that leather shoes face no quality issues and are not imported in large values and this is evident from the fact that they currently make up 81.7 per cent of India’s footwear exports with most exports going to the quality-conscious markets of the EU and the USA.
“QCO should primarily apply to non-leather shoes that constitute 77 per cent of India’s USD 900 million footwear imports. India is lagging in the non-leather shoe sector in terms of quality and relies on imported inputs,” the report noted.
Further it said that the footwear manufacturing industry is dominated by Taiwanese contract manufacturers that make shoe brands like Nike, Adidas, and Puma.
“India must attempt to attract more Taiwanese contract manufacturers to ensure operations by global brands,” it said, adding sites like Uttar Pradesh and Haryana can become a major hub of the sector after Tamil Nadu.
Taiwanese firms, such as Feng Tay, Hong Fu, Dean Shoes, Oasis Footwear, Sports Gear, and Zucca, are planning to set up operations in India and states like Haryana, Uttar Pradesh, Andhra Pradesh, Telangana, and Karnataka need to assign high importance to footwear manufacturing investments in their investment promotion outreach, it said.
Current Footwear Industry Landscape:
India is the second-largest global producer of footwear after China, accounting for 13 per cent of global footwear production and 2.2 per cent of global exports. India is the 9th largest global footwear exporter.
China, with exports of USD 62 billion tops the chart. It is followed by Vietnam (USD 22 billion), Italy (USD 15.2 billion), Germany (USD 10.3 billion), Indonesia (USD 7.4 billion), France (USD 5.7 billion), the Netherlands (USD 4.6 billion), Spain (USD 3.4 billion) and India (USD 3 billion).
There are two main types of footwear: leather (formal shoes) and non-leather (casual and sports). Non-leather footwear is a larger category globally, accounting for 70 per cent of world trade.
India has a smaller presence in this category, with non-leather shoes making up only 19.3 per cent of its footwear exports. In contrast, China has a majority 79.7 per cent share.
Historically, Indian footwear manufacturers excelled at manufacturing and exporting leather shoes in clusters like Agra, and Chennai.
Leather footwear accounts for 81.7 per cent of India’s footwear exports, showcasing its strength in producing high-quality leather shoes. India is seen as a sourcing destination for leather shoes by brands in the EU, the US, the UK, and Japan.
A majority of India’s shoe exports, 78 per cent, go to the EU, the US, the UK, and Japan. These shoes are valued highly, with the unit price per pair ranging from USD 15 to USD 23.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
