Tech3 | FirstCry founder's payday; Ola Electric drives India’s EV sales in April; and more

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FirstCry founder's payday

Ola Electric vrooms to 52% market share in April

Licious hits $100 million annual revenue run rate

FirstCry founder's payday

The house always wins.?

This dictum might trouble those looking to invest in FirstCry’s upcoming public issue as the e-commerce unicorn’s top boss has hit a pre-IPO payday.

Driving the news: FirstCry founder and CEO Supam Maheshwari got a remuneration of Rs 77.5 crore in the first three quarters of FY24, as per the company’s revised IPO prospectus.

• Maheshwari had earlier sold off company shares worth Rs 300 crore, a fortnight before the firm’s first IPO application.

While the remuneration remains significant, it appears to have dropped from FY23 levels, when Maheshwari received Rs 200 crore.?

The money men

FirstCry chief of staff Sanket Hattimattur ranks second among the company's highest earners, making Rs 8.3 crore in the first three quarters of FY24.

• The firm’s group chief financial officer Gautam Sharma is the third, with Rs 1.6 crore pay for the same period.

Shooting up

In the most recent funding round last year, FirstCry commanded a valuation of Rs 23,000 crore (around $2.8 billion). The company is however expected to price its IPO at a valuation of $3.5-3.75 billion.

• FirstCry refiled its draft IPO papers earlier this week. The firm said it generated a revenue of Rs 4,841 crore in the nine months leading up to December.

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