FirstCry CEO’s remuneration drops 49 per cent to Rs 8.6 crore a month

Supam Maheshwari, Co-Founder and CEO of mother and child care e-commerce platform FirstCry, has seen his monthly remuneration drop at least 49 per cent to Rs 8.6 crore, as per the company’s revised Draft Red Herring Prospectus (DRHP).

FirstCry has refiled its DRHP for an Initial Public Offer (IPO) with the Securities and Exchange Board of India (SEBI), to raise Rs 1,816 crore via fresh issue of shares.

For the first three quarters of FY24, Maheshwari’s remuneration per month dropped to Rs 8.6 crore, compared to Rs 16.7 crore in the same period in the previous fiscal year (FY23).

When it comes to total remuneration (including short-term employment benefits, stock and other long-term employment benefits), Maheshwari received Rs 77.5 crore in the first three quarters of FY24, from Rs 200.7 crore for FY23, according to the revised DRHP.

Sanket Hattimattur, FirstCry’s other co-founder and chief of staff, received Rs 8.3 crore for the first three quarters of FY24, from Rs 18.5 crore for FY23.

Gautam Sharma, the company’s chief financial officer, received Rs 1.6 crore in the first three quarters of FY24, from Rs 4.8 crore in FY23.

In January, reports surfaced that Maheshwari offloaded 6.2 million shares worth around Rs 300 crore prior to filing for the company’s IPO.

According to the earlier DRHP filed in December last year, Maheshwari has offloaded 9.34 million shares during six months before the date of filing of the IPO papers.