FabFurnish has reported losses worth Rs 4.7 crore for the year ended March 31, 2015, according to a company filing with the registrar of companies. The loss has risen four times over Rs 1.2 crore for the year ended March 31, 2014.
Operating revenues for the Gurgaon-based company spiked almost 80% to Rs 106.52 crore from Rs 59.66 crore in the previous year, according to the filing. The company sold products worth Rs 101.62 crores which includes hard as well as soft furnishing.
With over Rs 100-crore sales, 500 brands and 30,000 sellers FabFurnish seeks to emerge as one of the prime players in the furnishing space.
Total expenses of the company stood at Rs 111.46 crore against Rs 60.86 crore in FY14. Purchases of stock-in-trade and employee benefit expenses stood at Rs 74.84 crore and Rs 3.09 crore, respectively.
Furniture and home décor account only for 1% of the total e-commerce pie in India against 51% owned by electronics and appliances, according to a Morgan Stanley Report. Majority of the furnishing space is run by three players – Urban Ladder, Pepperfry and FabFurnish.
In 2012, FabFurnish entered the market along with Urban Ladder and Pepperfry which received funding worth $77 million and $128 million, respectively. Meanwhile, the Rocket Internet-funded FabFurnish has so far received $30 million funding.
In FY15, Urban ladder, Bengaluru-based furniture e-tailer also reported a surge in losses to Rs 58.51 crores from Rs 7.62 crores in FY14, while Pepperfry is yet to release its financials for FY15.