Online furniture retailer Urban Ladder has clocked an operating revenue of Rs 42 crore in the fiscal year 2016-17, a 22 per cent growth from the previous fiscal, according to regulatory filings with the ministry of corporate affairs (MCA).
In the FY 2016, the company’s revenue from operations stood at Rs 34.4 crore.
Besides, the company also managed to reduce its losses to Rs 160 crore in the last fiscal as against Rs 181.3 crore a year ago.
The company seems to have been able to reduce some losses by cutting down the expenses. The overall expense dropped from Rs 231 crore to Rs 215 crore between FY16 and FY17, respectively.
Urban Ladder’s losses are still much higher from the FY15, when it was a mere Rs 77.7 crore.
However, since the past year, the company has gone through major strategy shifts. It is focussing on offline space to bring the next set of growth. Early last year, the company launched its first experience center in Bengaluru.
In August, it also got an approval from the Department of Industrial Policy & Promotion (DIPP) for the single brand retail trade (SBRT) license.
The development paved the way for the company to build a strong offline presence in the country.
Launched in 2012, Urban Ladder has so far raised $95.2 million. It raised Rs 100 crore from Kalaari Capital, SAIF Partners, Sequoia Capital and Steadview Capital in February last year.
The aforementioned growth in operating numbers may give a sigh of relief to Urban Ladder, but there is still a long way to go competing against highly-funded behemoth Pepperfry.
Pepperfry, which has so far raised $195 million, clocked a total revenue of Rs 127.5 crore in FY17, a 30 per cent higher than the previous year.
Besides, it has been eyeing the offline space since 2016. It has 23 studios across 11 cities and is looking to open another 25 studios by the end of FY18.
The development was first reported by Economic Times.