Kalaari-backed women-focused online retailer StalkBuyLove (SBL) has been reportedly facing a financial crunch as it has run out of cash.
Many partners of the company including fashion influencers, vendors have taken to social platforms to express their protest against the co-founders and the company, who for the last couple of months has not cleared their dues.
As per ET report, the company was facing cash flow issue for the last six months and was in talks with German investor to raise the next round of funding. Though, the investment talks fell through leaving the e-tailer in dry.
SkalkBuyLove decision to continue with operation in place of clearing pending dues did no good, added report quoting an employee.
Social influencers, who did branding assignments for StalkBuyLove, took to Instagram and accused co-founders of not paying their dues and responding to their issues. Fashion Influencers Komal Pandey and Roshni Bhatia complained of being refused by the company after months of delay in payment.
As per Bhatia, not only them, many bloggers, photographers, stylists have not been paid for their services. Co-founder Shikha Ahluwalia had in response talked of being put in a tight spot by investors.
As per regulatory filings of FY18, the six-year-old firm earned Rs 43 crore and recorded a loss of Rs 35 crore.
In response, StalkBuyLove CEO Tushar Ahluwalia has denied reports of halting operations.
Explaining the financial tight situation, it said the company was working towards closing a significant deal with a key strategic player, however, that had not come through in time because of deteriorating dynamics with the lead shareholder, outside of the control of the management team.
On customers and vendors dues, the company said it will settle liabilities in coming quarters.
