by Surabhi Nijhawan
Women’s fashion website Kaaryah, a Gurugram based company, has shut down due to a shortage of funds, reports Inc42. Founder and CEO Nidhi Agarwal confirmed the news to the publication and said that all employees were laid off and that some were given two months notice alongside references. IT added that Agarwal, herself, is working as a consultant for brands that are looking to expand their business.
Agarwal said that the company had broken even twice in 30 months but was unable to secure further funds for the company. The report added that she had approached almost 100 investors, the majority of whom had turned them down.
Kaaryah and its operations
Nidhi Agarwal started the Kaaryah in 2014 as a technology-enabled apparel brand that targeted western wear in India. Its focus was to provide trendy outfits for the Indian body type. Kaaryah also focused on plus size clothing for women.
In December 2015, Kaaryah received an undisclosed amount in funding from former Infosys director TV Mohandas Pai and Saha Fund and before that, in June 2015, it had also received an undisclosed funding from Ratan Tata.
In 2015, Kaaryah was on the rise with 3500 monthly orders. It also The company also supplied its products to websites such as Myntra, Limeroad, Paytm and Flipkart. In the financial year 2015-16, Kaaryah reported net sales of Rs 1.7 crore against losses of Rs 4 crore. A year later, revenue was at 1.3 crore, expenses at 4.6 crore and losses nearly 3.3 crore.