In a notable development for the baby and kids’ products retailer FirstCry, Chief of Staff Sanket Raghavendra Hattimattur has resigned from his position, citing personal reasons. This comes shortly after the departure of the company’s secretary, marking a period of change at the leadership level for the Pune-based company.
A Decade-Long Journey Comes to an End
Sanket Hattimattur’s resignation, effective from March 31st, brings an end to his long tenure with FirstCry, which began in 2010. Over the years, he rose through the ranks, eventually becoming the Chief of Staff and an Executive Director in 2022. Even though he is stepping down from his executive role, FirstCry clarified that Hattimattur will continue to serve as a non-executive director.
“I am writing to inform you of my resignation from my position as Chief of Staff at Brainbees Solutions Ltd (FirstCry’s parent) due to personal reasons,” Hattimattur stated in his resignation letter. “I am immensely grateful for the opportunities of growth and experience I’ve gained during my time here.”
What Does This Mean for FirstCry?
Leadership Transition: The departure of key personnel like the Chief of Staff and Company Secretary within a short span raises questions about potential restructuring within FirstCry.
Business as Usual?: FirstCry assures that operations will continue smoothly, but the market will be watching to see how these changes impact strategy and execution.
No Immediate Replacement: The company has not yet announced a replacement for Hattimattur, leaving a gap in the leadership team.
FirstCry’s Recent Performance
Despite the leadership changes, FirstCry has shown positive financial performance recently. In the third quarter of FY25, the company significantly reduced its net loss by 69.5% to INR 14.78 Cr, while increasing its revenue from operations by 14.3% to INR 2,172.30 Cr.
However, amid market fluctuations, FirstCry’s stock has experienced a slight dip, reflecting broader market sentiments.
FirstCry: A Homegrown Success Story
Founded in 2010 by Supam Maheshwari and others, FirstCry has grown to become a prominent omnichannel retailer in the baby and kids’ product segment across India. The company’s success is a testament to the growing demand for quality baby products and the rise of e-commerce in India.
Under Supam Maheshwari’s leadership, FirstCry has expanded to over 900 physical stores and a robust online presence. Maheshwari’s strategic vision and entrepreneurial spirit have been instrumental in the company’s growth and success.
As FirstCry navigates these leadership changes, the Indian market will be keen to see how the company continues to innovate and serve its customers across the country.
FirstCry’s Future Plans
FirstCry continues to focus on improving profitability while expanding its topline. The company is committed to its multi-channel strategy, offering customers both online and offline shopping experiences. With plans to add more stores in the coming years, FirstCry aims to strengthen its presence in tier II and III cities.
In the international arena, FirstCry is also expanding its footprint, particularly in the Middle East. The company’s subsidiary, GlobalBees, has shown significant growth, diversifying into consumer appliances and other segments.
As the e-commerce landscape evolves, FirstCry remains poised to adapt and thrive, driven by its commitment to customer satisfaction and strategic growth.