Urban Ladder, which posted losses of Rs 58.51 crore in FY15 on revenues of Rs 19.21 crore, is looking to transact a GMV (Gross Merchandise Value) of $250 million by June 2017...
Urban Ladder, which posted losses of Rs 58.51 crore in FY15 on revenues of Rs 19.21 crore, is looking to transact a GMV (Gross Merchandise Value) of $250 million by June 2017, Rajiv Srivatsa, COO and co-founder of Urban Ladder, told FE.
Declining to reveal any numbers to back his claim, the company said the GMV has grown fourfold over the past year.
Urban Ladder Home Décor Solutions, had, in FY15, reported expenses of Rs 77.72 crore, according to company’s filing with the registrar of companies.
The Bengaluru-based furniture and home décor e-commerce store works as a marketplace where it does not manufacture its products but has outsourced it to furniture manufacturers. Peers such as Pepperfry and FabFurnish also run a marketplace for home furnishings and hard furniture. Urban Ladder maintains inventory and Srivatsa added that it is very important to predict supply and how soon products can be manufactured. “We do not have too much inventory but we balance between raw material and finished products,” he said.
Other competitors in the space?Rocket Internet backed FabFurnish and Pepperfry also reported losses of Rs 5 crore and Rs 88 crore, respectively, for FY15. Amid speculation of sell-off FabFurnish reported revenue of Rs 107 crore and expenses of Rs 111 crore.
Pepperfry’s parent company TrendSutra Platform Services reported revenues of R25 crore on expenses of R114 crore for FY15.
With total funding of $77 million, the company had raised $50 million in Series C funding from Sequoia Capital and TR Capital in April 2015. Since 2012, Urban Ladder has raised additional $27 million from other investors such as SAIF Partners, Steadview Capital, Kalaari Capital. Srivatsa declined to share the valuation of the company but said it is sufficiently funded for the next few months.
In August, Urban Ladder had launched its new offering?modular kitchens and over the course of next quarter it will continue to expand it beyond Bengaluru and Mumbai to more cities including Delhi and Pune, according to Srivatsa. Kitchens, wardrobes and interior designing solution will form the largest pie of revenue for the company, he added.
With a base of more than 5,000 products across 35 categories, Urban Ladder clocks 45% repeat buyers. It is offering its products in 19 cities including tier II and tier III cities such as Pune, Surat, Chandigarh, Cochin, Ahmedabad, and Mangalore.