Furniture company PepperFry came in the second spot and is only behind Urban Ladder now, which emerged profitable last year amid increasing competition.
Net losses at PepperFry jumped to Rs 183.5 crore in March 2019, company documents accessed through Tofler showed.
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PepperFry now trails Urban Ladder, long-time second player, which posted Rs 434-crore sales. The latter has been gone through re-alignment and retrenchment to reduce costs.
In March 2018, the company raised Rs 250 crore from US-based State Street Global Advisors (SSgA) and took to opening new stores, expanding in tier II markets and improving logistics and supply chain.
Now, it runs experience studios across 65 locations covering 25 cities.
The increasing pressure not only comes from Urban Ladder but Amazon and Flipkart which has entered the online furniture segment.
PepperyFry is the largest funded player in the space and has raised around $200 million in equity funding from players such as Norwest Venture Partners, Bertelsmann India Investments, Zodius Capital and Goldman Sachs.