Indian online fashion business (LON:KOOV) Koovs trebled first-half sales but said it was in talks about further funding to keep pace.
Koovs, which targets young fashion-conscious Indians, said sales increased from £900,000 to £2.8mln in the six months to September 30.
Group revenue jumped 144% to £2mln and website traffic more than doubled to 16.4 million visits in the period against the same time last year.
But pre-tax losses widened to £5.7mln from £3.6mln as the business had to invest more than expected.
Sales were limited by the relatively small scale of the operation, although it said margins should improve as purchasing power increases with scale.
Koovs announced plans in September to raise up to £35mln over three years to invest in marketing, product range and infrastructure.
But it said the growth had created "material uncertainties that cast significant doubt on the company's ability to continue as a going concern".
It said: "Although the funding process has not yet concluded, discussions with a number of potential investors have been encouraging.
"Based on this, the directors have a reasonable expectation that the on-going efforts will be successful and that therefore the group and company will have adequate resources to continue in operational existence for the foreseeable future.
Koovs said the e-commerce market in India was growing extremely quickly and was attracting significant investment from a number of major players.
"With this level of noise in the market and the inevitable upward pressure on marketing costs, particularly for biddable search terms, we have found it necessary to increase our investment in marketing to secure sufficient share of voice in the market to maintain a healthy growth in revenue," it said.
Shares in the group were flat at 26.5p.