FirstCry s revenue in FY23 stood at Rs 5,632 crore against Rs 2,401 crore in FY22. While the company more than doubled its revenue, its losses for the fiscal increased 6 times to Rs 6,316 crore. In FY22, the kidswear and toys retailer s losses were at Rs 2,568 crore.
Mumbai: Star Health and Allied Insurance founder V Jagannathan is in talks with the TVS group for equity participation by the Chennai-based conglomera.
The TVS group had formerly owned an insurance company, Madras Motor and General Insurance, before the nationalisation of the industry. Post-nationalisation, Madras Motor merged into United India Insurance. Subsequently, following liberalisation, Sundaram Finance — which was initially promoted by Madras Motor — floated Royal Sundaram Insurance, a general insurance company.
The TVS Group, based in Chennai, has a history in the insurance domain, having previously owned Madras Motor and General Insurance before the industry s nationalization. After nationalization, Madras Motor merged into United India Insurance.