FirstCry, the SoftBank-backed omnichannel marketplace, has unveiled a lesser-known facet of its business as it filed its Draft Red Herring Prospectus (DRHP) for an upcoming Initial Public Offering (IPO). Beyond its e-commerce endeavors, FirstCry also operates 180 preschools across 91 Indian cities under the Intelli Education brand, a venture that emerged after the acquisition of Oi Playschool in 2019.
The DRHP sheds light on FirstCry’s educational arm, revealing that Intelli Education caters to children aged one to six, offering a spectrum of learning aids, core education services, and early childhood development activities. The preschools, though momentarily impacted by the pandemic, had a total enrollment of 6,649 students by the end of the first quarter of FY24.
Key Insights from FirstCry’s DRHP:
- Preschool Ventures: FirstCry’s Intelli Education oversees 180 preschools, emphasizing early childhood learning experiences.
- Acquisition History: The acquisition of Oi Playschool in 2019 laid the foundation for FirstCry’s preschool expansion.
- Enrollment Numbers: Despite pandemic interruptions, Intelli Education enrolled 6,649 students by the end of Q1 FY24.
- E-commerce and More: FirstCry’s IPO not only highlights its preschool ventures but also includes fresh issues of shares for its e-commerce expansion.
- Educational Branding: The preschools serve as a branding strategy, creating awareness about FirstCry among parents.*
Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry has evolved beyond its initial focus on baby care and mother products. The DRHP mentions the acquisition of a preschool chain in 2019, subsequently rebranded as Intellitots in 2020, with a vision to provide early childhood learning centers to parents.
These preschools, competing against established names like Euro Kids and Kidzee, serve a dual purpose of education and brand awareness. Furthermore, FirstCry expanded its educational portfolio in 2021 with the launch of FirstCry Intelliskills, focusing on early learning materials such as educator-certified books and toys.
As FirstCry prepares for its IPO, the disclosure of its diverse ventures, including e-commerce and education, underscores the company’s multifaceted approach to cater to the needs of parents and children alike.
