Bangalore based, online home decor retailer Urban Ladder has raised USD 21 million in Series B round led by Hong Kong-based Steadview Capital with participation from existing investors SAIF Partners and Kalaari capital. Earlier, it had secured two rounds in Series A funding viz. USD 5 million in November 2013 and USD 1 million in August 2012. It brings the total capital of the company to date is USD 27 million.
“World-class product design and exceptional customer experience have been our key differentiators in the market, and have helped us establish our dominance as the preferred furniture company in the country. We will continue to strengthen these aspects with focus on innovative technology, which will further elevate customer experience,” said Ashish Goel, CEO & Co-founder, Urban Ladder.
The company aims to utilize the raised funds expand its presence to 25 cities from existing seven cities and launch more categories. Urban Ladder co-founder & CEO Ashish Goel told TOI that they are also in the process of setting up UL Labs which will offer consumers technology-driven, user-curated home solutions.
“As we grow, we want to build a team of smart people who are excited to be a part of a journey that will revolutionize the furniture industry globally. We aim to double our employee base in the next six months,” said Rajiv Srivatsa, COO & Co-founder, Urban Ladder.
Launched in 2012 by IIT & IIM graduates Ashish Goel and Rajeev Srivatsa. Urban Ladder consisting of 15 employees in its team. It is an e-commerce company providing furniture products including tables (dining, bedside, coffee, bar, console tables etc.), storage units and shelves (bookcases, shoe racks, wall shelves, TV units etc.), seating (chairs, pouffes) and accessories.
Currently, it having offices in Bangalore, Delhi, Mumbai, Chennai and Pune among others and also plans to provide more than 500 products across 25 categories as of November last year. The other e-commerce ventures are also included in this space like Amazon India, Snapdeal, HomeShop18, Jabong and Infibeam also offer furniture products.
Mashable says: It’s worth noting that Urban Ladder’s competitor PepperFry had also raised $15 million from Bertelsmann India Investments (BII) and Norwest Venture Partners in May this year. Mumbai-based online interior designing marketplace, Nestopia.com had also secured an undisclosed amount in funding from Century Plywood in the same month.
nline home furnishing portal Bedbathmore.com had also received an undisclosed amount in Series A funding from Blume Ventures in May 2013 while Zansaar which had raised $6 million from Accel Partners and Tiger Global in Feb 2012.
Times of India says: Besides expanding across multiple cities and launching adjacent categories like lighting, floor and wall solutions, the online retailer is in the process of setting up what it calls UL Labs.
Business Standard says: Steadview Capital is a leading alternative asset management firm that makes concentrated long term investments. It has invested in companies such as Page Industries, Jubliant Foodworks, Shriram City Union and Olacabs.
“Furniture is a highly fragmented and unorganized space, and we believe Urban Ladder is well positioned to leverage technology in order to become the leading furniture company in India,” said Ravi Mehta, Managing Director at Steadview Capital.
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