Supam Maheshwari, co-founder and CEO of FirstCry, helped build the company into Asia's largest omnichannel baby and kids retail platform alongside Amitava Saha.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Quick-Facts Bio Box
Supam Maheshwari: Born 1974; B.E., Mechanical Engineering, Delhi College of Engineering; PGDM, IIM Ahmedabad; Occupation: Co-founder, CEO, and Managing Director, FirstCry (BrainBees Solutions); Years active: 2010-present; prior venture: Brainvisa Technologies, sold to Indecomm Global in 2007 for $25 million (StartUpTalky).
Amitava Saha: Occupation: Co-founder, FirstCry; also founder of logistics unicorn Xpressbees, spun out of FirstCry’s in-house delivery arm; Years active: 2010-present; prior career: Tata Steel, NIIT Technologies, Aricent (Founder Thesis).
Table of Contents
- Introduction
- The FirstCry Story
- Business Model
- How FirstCry Makes Money
- Funding History
- Revenue and Recent Challenges
- FirstCry vs Competitors
- Current Role and Recent Moves
- Key Takeaways
- FAQs
- Sources
- SEO Metadata
Introduction
Supam Maheshwari and Amitava Saha, who had previously built and sold e-learning company Brainvisa together, founded FirstCry in November 2010 after struggling to find quality baby products in India for their own children. The Pune-based company, run under parent BrainBees Solutions, became Asia’s largest multi-channel baby and kids retail platform and listed on the NSE and BSE in August 2024.
The FirstCry Story
Maheshwari and Saha first partnered at Brainvisa Technologies, an e-learning company Maheshwari founded in 2000, which grew into a large global player before its 2007 sale to Indecomm Global for $25 million (StartUpTalky). After exiting, the pair, both new fathers, noticed they were importing large amounts of baby gear from abroad because Indian retail lacked variety and trust (Founder Thesis). They pooled ₹2.5 crore of personal savings and launched FirstCry.com from a rented Pune bungalow in November 2010 (Wikipedia).
Early growth relied on hospital partnerships that distributed “FirstCry Gift Boxes” to new mothers, building brand trust at the moment of first contact (Business Model Canvas). The company expanded into franchise-owned offline stores from 2011, launched private label BabyHug in 2013, and acquired Mahindra Group’s BabyOye in 2016 for ₹362 crore (Wikipedia). In 2012, facing unreliable third-party delivery, the founders built an in-house logistics arm with a strict zero-capex mandate; other e-commerce founders soon asked to use it too, and it became Xpressbees, now a separate logistics unicorn led by Saha (Founder Thesis).
Business Model
FirstCry operates a multi-channel model combining e-commerce, over 1,000 company-owned and franchise stores, and general trade, selling more than 200,000 items from over 5,800 brands alongside owned labels BabyHug and CuteWalk (Grokipedia). It also holds a majority stake in GlobalBees, a Thrasio-style roll-up of smaller e-commerce brands.
How FirstCry Makes Money
Revenue comes primarily from direct product sales through online and offline channels in India and international markets (69 percent of FY25 operating revenue), supplemented by GlobalBees’ brand portfolio income (Entrackr).
Funding History
| Round | Year | Amount | Lead Investors |
|---|---|---|---|
| Series B | 2012 | $14 million | IDG Ventures, SAIF Partners (Wikipedia) |
| Series D | 2015 | $36-46 million | Valiant Capital, NEA (Wikipedia) |
| Series E | 2020 | ~$400 million | SoftBank Vision Fund (Wikipedia) |
| Secondary | Dec 2023 | Undisclosed | Sachin Tendulkar (individual investor) (CB Insights) |
| IPO | Aug 2024 | ₹4,193.73 crore (~$500M) | Public listing, $3.5-3.75B valuation (CB Insights) |
FirstCry has raised over $793 million across 11-plus rounds from investors including SoftBank, Vertex Ventures, TPG, and Mahindra & Mahindra (Best Vantage Investments).
Revenue and Recent Challenges
BrainBees’ consolidated operating revenue grew 18 percent to ₹7,660 crore in FY25 from ₹6,481 crore in FY24, with GMV rising 16 percent to ₹10,585 crore (Screener). Full-year net loss narrowed to roughly ₹215-265 crore in FY25 (figures vary slightly by reporting basis) from ₹321-322 crore in FY24, aided by the India multi-channel business turning profit-and-cash-flow positive for the first time (Entrackr). Since its August 2024 listing at ₹651, however, the stock has fallen sharply, down roughly 52 percent from its issue price as of mid-2026, reflecting investor concern over the pace of profitability (Ipoji).
FirstCry vs Competitors
| Company | Founded | Position | Notes |
|---|---|---|---|
| Hopscotch | 2012 | Kids fashion, Tier 2/3 focus | Narrower category than FirstCry’s full baby-and-kids range |
| Amazon/Flipkart | 2013/2007 | Horizontal marketplaces | Compete on price and logistics scale in baby category |
| Mee Mee | — | Niche baby products brand | Smaller specialty player |
FirstCry’s IPO prospectus itself flagged intense competition from Flipkart and Amazon as a key risk, alongside the fact that 84 percent of India’s childcare retail remains unorganized, limiting how much share any branded platform can capture quickly (IPOJI).
Current Role and Recent Moves
Maheshwari continues as CEO and remains FirstCry’s largest individual shareholder; Saha moved on to run Xpressbees separately. FirstCry has continued investing in GlobalBees and its Middle East operations (UAE and Saudi Arabia) post-IPO, while working to convert its India business’s newfound profitability into sustained group-level gains (Outlook Business).
Key Takeaways
- Maheshwari and Saha, who had already built and sold one company together, founded FirstCry in 2010 after struggling to find quality baby products in India.
- The founders built an in-house logistics arm to solve their own delivery problem; it later spun off into a separate unicorn, Xpressbees.
- FirstCry raised over $793 million before listing on the NSE and BSE in August 2024 at a $3.5-3.75 billion valuation.
- FY25 revenue grew 18 percent to ₹7,660 crore, with India operations turning profit-positive for the first time, even as the stock has fallen sharply since listing.
- Flipkart and Amazon remain FirstCry’s biggest competitive threats, per the company’s own IPO risk disclosures.
FAQs
Who founded FirstCry?
Supam Maheshwari and Amitava Saha, in November 2010.
Has FirstCry gone public?
Yes, it listed on the NSE and BSE in August 2024 as BrainBees Solutions.
Is FirstCry profitable?
Its India multi-channel business turned profit-positive in FY25, though the consolidated group still posted a net loss.
How much funding did FirstCry raise before its IPO?
Over $793 million across 11-plus rounds.
Who are FirstCry’s key investors?
SoftBank Vision Fund, Vertex Ventures, TPG, and Mahindra & Mahindra, among others.
What is Xpressbees?
A logistics unicorn that began as FirstCry’s in-house delivery arm before spinning off under co-founder Amitava Saha.
Who are FirstCry’s main competitors?
Amazon, Flipkart, and niche players like Hopscotch and Mee Mee.
How has the stock performed since listing?
It has fallen roughly 52 percent from its IPO issue price as of mid-2026.
© The Founder Nation | Written by TFN Research Desk
