FirstCry Franchise Cost in India: ₹35 Lakh Capital Band, and a Filing That Shows Growth Going to Company Stores
FirstCry publishes a ₹35–50 lakh capital band but no fee or royalty. Brainbees' June 2026 filing shows 651 franchise stores, up only 23 since FY24, while company stores added 102.
A FirstCry franchise has no published price tag. The brand's franchise page asks applicants to pick an available capital band of ₹35 to 50 lakh or ₹50 lakh and above, and a rental space of 1,000 to 3,000 sq ft, 3,000 to 5,000 sq ft or 5,000 sq ft and above. It names two formats, FirstCry and BabyHug, and publishes no franchise fee, royalty, margin or payback figure. So treat ₹35 lakh as the floor of what FirstCry expects you to have, not a quote for what a store costs.
The parent's filings say more about the franchise model than the franchise page does, and what they say is not what most franchise listings promise.
What FirstCry's own page does and does not say
The enquiry form is the only place numbers appear, and every one of them is a dropdown option rather than a term of the deal. The page claims "High Profit Margin" and "faster payback" without a figure behind either.
| Term | What FirstCry publishes |
|---|---|
| Available capital | ₹35–50 lakh or ₹50 lakh+ (form options) |
| Rental size | 1,000–3,000, 3,000–5,000 or 5,000+ sq ft (form options) |
| Formats | FirstCry store, BabyHug store |
| Franchise fee | Not published |
| Royalty or margin | Not published |
| Time to open | Not published |
| Return or payback | Claimed in words, no number |
Several third-party sites quote a royalty and an exact set-up bill for FirstCry. They disagree with each other, and none traces back to a FirstCry document, so none appears here.
The filing: franchise stores have stopped growing
Brainbees Solutions, the listed company behind FirstCry, reports its store base in the investor presentation for the quarter ended 30 June 2026. The split between franchise-owned (FOFO) and company-owned (COCO) stores is in the operating metrics table.
| FY24 | FY25 | FY26 | Jun 2026 | |
|---|---|---|---|---|
| Modern stores, total | 1,063 | 1,156 | 1,190 | 1,188 |
| Franchise-owned (FOFO) | 628 | 629 | 653 | 651 |
| Company-owned (COCO) | 435 | 527 | 537 | 537 |
COCO is BabyHug plus FirstCry and other company stores added together. Our arithmetic on the table: from FY24 to June 2026 the chain added 125 stores, and 102 of them were company-owned. Franchise stores grew by 23. FOFO's share of the network slipped from about 59% to about 55%.
That should make a buyer cautious. Here is why.
First, a franchisee is not entering a rollout that is leaning on franchise capital. For the past two years FirstCry has put its own money into stores while the franchise count barely moved. Management told analysts after the March 2026 results that it plans roughly 100 new stores in FY27, a mix of COCO and FOFO, and that it would "double down on opening company-owned stores" (as reported by MediaNama). Franchise openings are not ruled out, but they are not the stated priority.
Second, the net figure hides churn. A flat FOFO count can mean few signings, or it can mean new franchisees offsetting closures. The presentation does not say which, and a prospective franchisee can ask FirstCry directly how many franchise stores closed last year.
What a store sells, and what that number is not
The same presentation gives offline GMV, which is the value of orders across FirstCry and BabyHug stores including those run by franchisees. It was ₹2,109 crore in FY26, up from ₹1,751 crore in FY24, and ₹532 crore in the June 2026 quarter. Offline is about 22% of India multichannel GMV; the rest is the website and app.
Divide FY26 offline GMV by the average of the FY25 and FY26 year-end store counts and a store averages roughly ₹1.8 crore a year. That is our own arithmetic, and it is weak evidence for a franchisee. It blends company and franchise stores, includes GST, is stated gross of the commission paid to franchisees, and says nothing about rent, staff or margin. Do not read it as what a franchise store earns or keeps. We would not put a rupee of savings into this format on the strength of that figure; the only number that would change our view is a franchisee's own audited store account, shared by someone who has run a store for at least two years, with rent, staff, shrinkage and the agreed commission all shown.
The parent is still loss-making at the net level
For the June 2026 quarter, Brainbees reported consolidated revenue from operations of ₹2,106 crore, up 13% year on year, and adjusted EBITDA of ₹89 crore. Adjusted EBITDA adds back share-based pay and deal costs, so it flatters; the company also reported a net loss for the quarter. That does not make the franchise unsound, but it is the context for how much room FirstCry has to subsidise a weak store.
Questions to put in writing before paying anything
- What is the all-in set-up cost for my city and size, split into fit-out, deposit and opening inventory?
- Who owns and funds inventory, and what happens to unsold stock at exit?
- What commission or margin applies, and is it fixed in the agreement?
- How many franchise stores closed in the last 12 months?
- Will FirstCry or BabyHug open a company store near mine?
FAQ
What is the minimum investment for a FirstCry franchise?
FirstCry does not state one. Its enquiry form offers an available-capital band starting at ₹35 to 50 lakh. The actual cost depends on the city, store size and format and has to come from FirstCry in writing.
Does FirstCry publish a royalty or franchise fee?
No. Neither appears on the franchise page. Figures on other websites are unverified and contradict each other.
Is FirstCry still opening franchise stores?
Yes, the franchise page is live and the company plans about 100 new stores in FY27 across both models. Its filings show franchise-owned stores at 651 in June 2026 against 628 in FY24, so net growth has been small.