Firstcry's one-stop-shop bet falters as quick commerce eats diapers and D2C rivals chip at the edges
Brainbees-owned Firstcry has shed ~70% since its Aug 2024 IPO, with market cap down to Rs 11,300 crore. Parents are routing diapers and essentials—15% of GMV—to Blinkit and Zepto, while Mamaearth, Nykaa and niche D2C brands erode category share. Management is doubling down on private labels and stores anyway.
Firstcry's stock has fallen ~70% since its 2024 IPO as losses persist and parents shift routine baby essentials like diapers to quick commerce apps Blinkit and Zepto, while rivals Mamaearth, Nykaa, and niche D2C brands chip away at its one-stop-shop model.