Online-cum-offline furniture retail platform Urban Ladder’s focus on expanding offline stores and cutting expenses has worked for the firm in FY18.
The company’s consolidated revenue in the latest fiscal year doubled to Rs 204.73 crore from Rs 101.87 in FY17, while the expenses went down by 50 per cent, halved, to Rs Rs 284.91 crore from Rs 560.99 crore in previous fiscal.
While Urban Ladder aims to be profitable by December 2019, in FY18 it incurred a loss worth Rs 117.32 crore, a 70.4 per cent shrink from Rs 459.11 crore figure in FY17.
As per a report by Mint, the Ashish Goel cofounded and led company looks forward to potential listing in about three years from now and is on its way to raise funds in the upcoming 12 months in order to continue focusing on expanding the offline presence.
Till date the 2012 founded firm has raised about $103 million.
While competing with firms like Pepperfry, and with the entry of Swedish giants like IKEA in the Indian market, the struggle for Urban Ladder had increased on the revenue front.
After more than a year-long wait, the firm had raised $12 million from Kalaari Capital, Sequoia Capital, Steadview Capital, and SAIF Partners in March this year. A few months ago, it had also picked up a debt round worth $5.6 million from Trifecta Capital.
Meanwhile, its direct competitor Pepperfry had raised a staggering $35 million Series F round from State Street Global Advisors in March just one week after Urban Ladder.