FirstCry CEO's salary revealed amid IPO filing; Earns more than Rs 1 lakh per hour!

FirstCry, a startup specialising in children's products, has recently filed documents with SEBI for its upcoming IPO, shedding light on the salary of its CEO, Supam Maheshwari. The disclosed figures reveal a substantial decrease in Maheshwari's earnings compared to the previous year, amounting to a nearly 49 percent decline.

Salary in detail

For the first nine months of the fiscal year 2024 (from April 2023 to December 2023), Supam Maheshwari received a total salary of Rs 77.5 crore, translating to a monthly income of approximately Rs 8.6 crore. In contrast, his earnings for the fiscal year 2023 totaled Rs 200.73 crore, averaging around Rs 16.7 crore per month.

Company's earning

In terms of daily and hourly earnings, the numbers are staggering. Maheshwari's current salary of Rs 8.6 crore equates to approximately Rs 28 lakh per day and roughly Rs 1.16 lakh every hour.

FirstCry's parent company, Brainbees Solutions Limited, has resubmitted preliminary documents for its IPO with SEBI, aiming to raise funds. The proposed IPO maintains the same size, with new shares valued up to Rs 1,816 crore and an offer for sale (OFS) of 5.44 crore shares by existing shareholders.

Despite significant revenue growth, reaching Rs 5,632 crore in FY 2023, FirstCry recorded a substantial increase in losses, soaring to Rs 486 crore. This represents a more than sixfold rise compared to the previous fiscal year's loss of Rs 79 crore. The company's revenue from product sales in FY 2023 accounted for 98 percent of its total operating revenue, amounting to Rs 5,519 crore.