Wooplr, a fashion discovery platform, has reported a net loss of R18.8 crore for FY16, compared to a loss of R2.33 crore registered during the previous fiscal, according to a filing with the Registrar of Companies. The net loss has thus widened by over eight times. Bengaluru-based Wooplr Technologies Private Limited, which operates the platform Wooplr, has reported a revenue of R1.02 crore as against R19,898 in the previous year.
The expenses of the company went up 8.8 times to R19.8 crore as against R2.24 crore in the previous year, the company said in the filing.
Launched in 2013 by Arjun Zacharia, Praveen Rajaretnam, Soumen Sarkar and Ankit Sabharwal, Wooplr is a consumer content-driven marketplace, where a user uploads his/her picture and outfit. Other users can engage with the image, by liking it, following the user, find brands which are selling similar outfits and make a purchase from the mobile app or Wooplr’s website.
Wooplr has so far raised $13 million in equity funding. Earlier, in February this year, Wooplr raised $8 million (around R54 crore) in Series B funding round from existing and new investors. Of this, R26 crore came from Sistema Asia Fund Pte and Helion Venture Partners III.
The company plans to use fresh funds for product and technology development.