Urban Ladder Home Décor Solutions' net losses widened three times to R175 crore in FY 16, according to the company's filings with the registrar of companies (RoC).
Urban Ladder Home Décor Solutions’ net losses widened three times to R175 crore in FY 16, according to the company’s filings with the registrar of companies (RoC).
During the period, the company’s revenue rose three-time to R56 crore. Sales revenue, which the company earns via commission from merchants sale of furniture stood at R34 crore against R12 crore, a year ago.
Urban Ladder’s expenses also rose 300% to R231 crore, the filing showed. In FY15, the company had reported losses rising by eight times due to large investment in marketing and advertising.
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In April 2015, Urban Ladder raised $50 million in Series C funding round lead by Sequoia Capital and TR Capital.
Other investors of the company include Steadview Capital, SAIF Partners, Indo-US Venture Partners, Kalaari Capital, and Ratan Tata.
In FY16, the funding had dried for many companies and focus had shifted from GMV to profitability and unit economics, under pressure from investors.
This pushed many e-commerce companies to re-think their business model and make sales profitable.
Under product innovation, the company will strengthen its catalogue-based on furniture designs developed in-house.
Urban Ladder has sought approval to operate as a single brand retailer of furniture.