
FirstCry Franchise
FirstCry/Babyhug store franchise: 651 of 1,188 stores are franchised (Jun 2026). FirstCry publishes no investment or commission; a broker reported ā¹25-30 L capex plus stock.
FirstCry franchise at a glance (terms checked Oct 2026)
Investment
ā¹25-30 L capex + ā¹1,150 per sq ft of stock (about ā¹23 L)*
Reported by JM Financial Institutional Securities, initiation report on Brainbees, Dec 2024
Ongoing take
Commission
Franchise fee
No franchise fee
Capex, 2,000 sq ft FirstCry store (reported by JM Financial, Dec 2024) applies (amount not disclosed) Ā· Opening stock, 2,000 sq ft FirstCry store (about ā¹1,150 a sq ft, reported by JM Financial) applies (amount not disclosed) Ā· Capex, 1,200 sq ft Babyhug store (reported by JM Financial, Dec 2024) applies (amount not disclosed) Ā· Opening stock, 1,200 sq ft Babyhug store (about ā¹950 a sq ft, reported by JM Financial) applies (amount not disclosed) Ā· Franchise fee applies (amount not disclosed)
Payback
31 months, with operating break-even in 4-6 months*
* Not verified ā the brand doesn't publish this; the figure comes from other published sources or FranchiseChuno's estimate (see "Reported elsewhere" and "Our estimates" below). Real numbers can differ.
- Disputes with franchisees: None found (records checked Oct 2026)
- Company standing: Active and up to date with the registrar
- Outlets we could verify: 1141 outlets on the brand's own store locator
Outlets
1,141 verified
Brand claims 1,188
What we couldn't verify
- ⢠Outlet closures
- ⢠Franchisee satisfaction
- ⢠Profit or loss
- ⢠Revenue trend
Ask before you sign
- Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit ā a franchisor making money doesn't mean its franchisees do.
- Ask for every upfront payment in writing ā deposit, onboarding, equipment or stock ā and which parts are refundable.
- Ask exactly how your margin or commission is calculated, when it's paid, and whether the brand can change it.
Franchise terms checked against FirstCry's official franchise page on 17 Oct 2026. Figures marked * aren't published by the brand ā they come from other published sources or our own estimate, and aren't verified.
Investment Breakdown
Per franchisorReported by a broker, not published by FirstCry. Recurs every 3-5 years per the same note.
JM Financial also notes the company ships stock after receiving payment.
Reported by a broker, not published by Babyhug.
FirstCry does not publish whether a fee is charged or how much.
FirstCry doesn't disclose the amount of any of these charges.
Model your own numbers in our calculator
Open the ROI calculator* Breakdown as published by FirstCry. FirstCry confirms 5 charges without disclosing the amount ā get it in writing before you pay.
Ways to Partner with FirstCry
3 partner models published by the brand. Figures it doesn't publish are left blank.
FirstCry store (FOFO)
- Royalty / margin
- Commission on sales; JM Financial reports 30-35% on FirstCry home brands, 5-10 points less on other brands, about 25-30% blended (Dec 2024). Not published by FirstCry.
- Territory
- Not stated
- Who it suits
- The franchisee enquiry form asks which store to open (FirstCry or Babyhug) and the applicant's available capital (Rs 35 to 50 Lakhs or Rs 50 Lakhs and above)
No investment published by FirstCry. Broker JM Financial (Dec 2024) reported ā¹25-30 L capex (2,000 sq ft) plus stock of ā¹1,150 a sq ft; see reported figures.
Babyhug store (FOFO)
- Royalty / margin
- Commission on sales (see FirstCry store); not published by FirstCry.
- Territory
- Not stated
- Who it suits
- ā
No investment published by Babyhug. Broker JM Financial (Dec 2024) reported ā¹13-18 L capex (1,200 sq ft) plus stock of ā¹950 a sq ft; see reported figures.
FirstCry Intellitots preschool
- Royalty / margin
- ā
- Territory
- ā
- Who it suits
- ā
A separate franchise-led preschool chain (436 preschools, 23,049 students enrolled in FY26 per the FY26 annual report). Its fee, investment and terms are not published, and are not covered by this listing's figures.
Reported Elsewhere
Not verifiedFirstCry doesn't publish these figures. Other sources have reported them, so they're here to give you a rough idea only. They may be out of date or wrong, and the real numbers can differ a lot ā get them from the brand in writing before you decide.
- FirstCry store capex (2,000 sq ft) plus stockReported by JM Financial Institutional Securities, initiation report on Brainbees, Dec 2024 Ā· Broker estimate of what a franchise partner invests; the note does not say whether a lease deposit is included (its payback model does include the security deposit).
- ā¹25-30 L capex + ā¹1,150 per sq ft of stock (about ā¹23 L)*
- Babyhug store capex (1,200 sq ft) plus stockReported by JM Financial Institutional Securities, initiation report on Brainbees, Dec 2024
- ā¹13-18 L capex + ā¹950 per sq ft of stock (about ā¹11.4 L)*
- Franchise partner's commission on salesReported by JM Financial Institutional Securities, initiation report on Brainbees, Dec 2024 Ā· Percent of sales kept by the franchisee, per the broker; FirstCry does not publish it.
- 30-35% on FirstCry home brands; other brands 5-10 points lower; about 25-30% blended*
- Payback of a 2,200 sq ft FirstCry FOFO storeReported by JM Financial Institutional Securities, initiation report on Brainbees, Dec 2024 Ā· Broker model: includes capex, stock and lease deposit; assumes ā¹10,000 sales per sq ft in year 1 and 9-10% like-for-like growth.
- 31 months, with operating break-even in 4-6 months*
Unit Economics
Mixed sourcesHow FirstCry says an outlet's numbers work. These are illustrations, not guarantees ā check them against existing franchisees before you sign.
FirstCry store (FOFO)
- Year-1 sales, 2,200 sq ft storeJM Financial model, not FirstCry data. Rises to about ā¹2.8 Cr in year 4 in the same model.
- 2,20,00,000 INR
- Store EBITDA, years 1 to 4JM Financial model: EBITDA margin 10.1% in year 1 to 11.1% in year 4. Not FirstCry data.
- 22,00,000 ā 31,00,000 INR
Reputation & News
5 red flags to checkWhat the press, courts and real franchisees or customers have said about FirstCry ā summarised by us, with every source linked.
- Customer viewā 1.5/5 Ā· 221 ratings
Trustpilot customer rating for firstcry.com
Customers rate the online store 1.5 out of 5 (221 reviews). This reflects online orders, not the franchise stores, and Trustpilot reviews are self-selected.
Source: Trustpilot (ch.trustpilot.com) - In the newsĀ· Aug 2026
Q1 FY27: revenue up 13%, still loss-making
Consolidated revenue ā¹2,106 Cr (up 13%); net loss ā¹44 Cr against ā¹66.5 Cr a year earlier. Full-year FY26 net loss was ā¹204 Cr on ā¹8,548 Cr revenue.
Source: Brainbees investor presentation, NSE - regulatoryĀ· 15 Jan 2026
Customs order of ā¹6.57 Cr (Jan 2026)
Mumbai customs adjudication ordered a differential duty, fine and penalties totalling ā¹6.57 Cr over APTA documentation; FirstCry says it has a strong case and will appeal.
Source: Company disclosure to NSE/BSE - regulatoryĀ· 30 Jan 2026
Income-tax demand notice of ā¹31.4 Cr (Jan 2026)
Pune income-tax assessment for AY 2022-23 disallowed ESOP expenses and made a transfer-pricing addition, with a demand notice of ā¹31.4 Cr. The FY26 annual report puts the tax liability after set-off of losses at ā¹0.38 Cr and says the ITAT appeal is pending.
Source: Company disclosure to NSE/BSE - In the newsĀ· 18 Nov 2024
Legal Metrology fine and GST payment (Nov 2024)
A ā¹50,000 compounding fee and a ā¹1.74 Cr GST payment including interest.
Source: Inc42
Show 1 moreShow fewer
- In the newsĀ· 24 Aug 2024
Income-tax notices over ESOP expenses (Aug 2024)
Show-cause notices on ESOP expenses of ā¹79.7 Cr a couple of weeks after the IPO; FirstCry said it believed no income had escaped assessment. We could not confirm what happened to these notices afterwards.
Source: Inc42
Key Terms at FirstCry
The clauses that shape day-to-day running and your exit ā read these before the fee.
- Who pays for what
- In the FOFO model the franchisee fully bears capital expenditure, operating costs and working capital (FirstCry annual report FY25).
- Stock & returns
- Reported by JM Financial (Dec 2024): FirstCry ships stock to the store after receiving payment, so franchise stores are negative working capital for FirstCry.
- Other terms
- Reported by JM Financial (Dec 2024): FirstCry offers successful partners the option to enlarge a store or open more stores in the city or nearby cities. Term, renewal, territory and exit clauses are not published.
Legal & Contract Summary
Key contract terms at a glance ā read before you sign.
Agreement Type
Franchisee-Owned, Franchisee-Operated
Contract Duration
āRenewal Available
āTerritory Exclusivity
āNon-Compete Clause
āExit Clause
āWho Can Apply for FirstCry
Conditions the brand sets for partners, and the licences the business needs.
- Available capital (enquiry form): The franchisee enquiry form asks applicants to choose available capital of Rs 35 to 50 Lakhs or Rs 50 Lakhs and above. This is a screening option, not a stated investmentRequired
- Store type: FirstCry store or Babyhug store (the form's two options)Required
About the Brand
Brand USP
Baby and kids' retailer that counts 1,188 stores (651 franchised) alongside its website and app, listed on NSE and BSE.
Why invest in FirstCry?
FirstCry by the Numbers
Source marked on each figure1,188 (651 FOFO, 537 COCO)
Modern stores Ā· 30 Jun 2026
Company filing1,141
Stores on its locator Ā· 17 Oct 2026
Store locator22% (offline GMV up 15% year on year in Q1 FY27)
Share of India GMV from offline Ā· Q1 FY27
Company filing11.3 million
Annual unique transacting customers (India) Ā· Jun 2026
Company filingā¹8,548 Cr in FY26; net loss ā¹204 Cr
Consolidated revenue Ā· FY26
Company filingFirstCry Outlet Network
By channel Ā· 30 Jun 2026
Modern stores (FOFO + COCO): 1,188 outlets Ā· 30 Jun 2026 Ā· nsearchives.nseindia.com
By format Ā· 30 Jun 2026
- Locator: FirstCry stores911
- FOFO (franchisee-owned, franchisee-operated) stores651
- FirstCry and other COCO stores299
- Babyhug COCO stores238
- Locator: Babyhug stores188
- Locator: other formats42
Outlet count over time
- 31 Mar 2024628
FOFO stores, Mar 2024 Ā· nsearchives.nseindia.com
- 31 Mar 2025629
FOFO stores, Mar 2025 Ā· nsearchives.nseindia.com
- 31 Mar 2026653
FOFO stores, Mar 2026 Ā· nsearchives.nseindia.com
- 31 Mar 2024435
COCO stores, Mar 2024 (Babyhug 284 + FirstCry 151) Ā· nsearchives.nseindia.com
- 31 Mar 2026537
COCO stores, Mar 2026 (Babyhug 271 + FirstCry 266) Ā· nsearchives.nseindia.com
By state Ā· 17 Oct 2026
- Locator: Tamilnadu113
- Locator: Karnataka112
- Locator: Kerala101
- Locator: Uttar Pradesh101
- Locator: Maharashtra95
- Locator: Gujarat75
- Locator: Telangana55
- Locator: Bihar51
- Locator: West Bengal46
- Locator: Andhra Pradesh42
- Locator: Madhya Pradesh36
- Locator: Haryana35
+ 1 more
Cities with Outlets
Show all 91 citiesHide the city list
Company Financials
Parent / group levelThese figures are for Brainbees Solutions Limited as a whole group, not this brand alone ā separate from what a single franchise outlet earns.
Revenue (FY26)
ā¹8547.9 Cr
Net loss (FY26)
ā¹203.7 Cr
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle ā talk to existing franchisees and see their accounts before you decide.
Company Health Check
What FirstCry's franchisor company has filed with the registrar and the courts ā the checks a lawyer would run before you sign.
- Status with the registrar
- Active
- Last AGM
- 19 Sep 2025
- Pending cases it filed
- 0
- Paid-up capital
- ā¹104.41 Cr
- Auditor
- Walker Chandiok & Co LLP
Group companies
- Digital Age Retail Private LimitedSubsidiary
Source: Stock-exchange filings (NSE, BSE), company annual report; MCA master data and the e-courts portals were not read directly (checked Oct 2026)
Full company recordsFinancials year by year, registered details, leadership and timelineShowHide
FirstCry Financials Over Time
Figures for the whole group, from filed or reported accounts.
Source: Brainbees consolidated; investor presentation Aug 2026 (ā¹ million converted) Ā· Brainbees consolidated; investor presentation Aug 2026 Ā· Brainbees consolidated; investor presentation Aug 2026; audit opinion unmodified
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle ā talk to existing franchisees and see their accounts before you decide.
Company Profile
The legal entity behind the brand, its leadership, and its official channels.
- Registered name
- Brainbees Solutions Limited
- Company type
- Public Limited Company (listed)
- CIN
- L51100PN2010PLC136340
- Headquarters
- Pune
Leadership
- SSupam MaheshwariManaging Director and CEO
Social presence
Company details source: NSE/BSE filings (annual report FY26, Reg 30 disclosures)
FirstCry Timeline
2010
Founded
Brainbees was incorporated in 2010 in Pune, per its annual report.
SourceAug 2024
Listed on NSE and BSE
IPO of a ā¹1,666 Cr fresh issue plus an offer for sale.
SourceJan 2026
Customs and income-tax orders against the company
Customs adjudication order (13 Jan, ā¹6.57 Cr) and Pune income-tax assessment (30 Jan, demand notice ā¹31.36 Cr); the FY26 annual report says the income-tax appeal is filed at the ITAT and the customs appeal was still to be filed.
SourceAug 2026
Q1 FY27 results
Revenue up 13% year on year to ā¹2,106 Cr; net loss ā¹44 Cr (ā¹66.5 Cr a year earlier).
Source
FranchiseChuno Analysis
Our analysis of verified dataHow FirstCry looks once the numbers are checked side by side.
- ā¢Investment below the Fashion & Jewellery medianMidpoint ā¹0 L vs a category median of ā¹50 L across brands on FranchiseChuno.
- !The franchisor company is loss-makingIts latest filed accounts show a net loss. Franchisors that lose money can cut support or change terms ā ask how franchise operations are funded.
- āBrand operating for 16 yearsFounded in 2010. The brand doesn't state when franchising began.
- āOutlet claim matches its store locator1,141 outlets on its own store locator (17 Oct 2026 (store locator: FirstCry 911, Babyhug 188, other 42; each entry counted once by store ID)), in line with the 1,188 it claims.
- !2 red flags in the news or public discussionSee Reputation & News below, and ask the brand to address each one.
Data completeness
55%
- ā Terms checked against the brand's own page
- ā Published investment (not an estimate)
- ā Franchise fee
- ā Royalty
- ā ROI or payback claim
- ā Agreement term
- ā Training details
- ā Outlet cities verified
- ā Company financials
- ā Legal entity
- ā News & public opinion checked
Ask Before You Sign
Questions tailored to what FirstCry does and doesn't publish.
- 1Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit ā a franchisor making money doesn't mean its franchisees do.
- 2Ask for every upfront payment in writing ā deposit, onboarding, equipment or stock ā and which parts are refundable.
- 3Ask exactly how your margin or commission is calculated, when it's paid, and whether the brand can change it.
- 4Ask for the agreement term, renewal fee and exit or transfer terms.
- 5Ask whether you get an exclusive territory, and how large it is.
- 6Ask how the franchisor funds training and support while it's loss-making.
- 7Ask the brand to respond to each red flag listed under Reputation & News.
- 8Have a lawyer review the franchise agreement before paying anything.
- 9Visit 2ā3 existing outlets and speak to their owners without the brand present.
Running the outletSpace, staff, launch steps, training, support and who does whatShowHide
Operations Required
What you'll need on the ground to run this franchise day-to-day.
Area Required
ā
Staff Needed
ā
Setup Time
ā
Owner Involvement
ā
Best Locations
Not published
Business Type
Not published
From First Call to Launch
FirstCry's onboarding process, step by step.
- 1
Submit the franchisee enquiry form
Choose store type (FirstCry or Babyhug), space size and capital band.
Training & Support
What the brand provides to help you launch and run your franchise.
Training Cost
Covered by franchisor
Operations Manual
Step-by-step playbook for running the outlet
Supply Chain Support
Vendor sourcing, inventory & logistics
Technology / POS
Billing, inventory, and management software
Marketing Support
National & local marketing campaigns
Launch Support
Pre-opening setup and grand-opening assistance
Ongoing Field Support
Regular visits and operational coaching
What FirstCry franchisees say
We haven't yet heard from enough FirstCry franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.
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