Urban Ladder Closes US$20M Funding Round.
Online furniture retailer Urban Ladder has recently secured over US$20 million in its second round of funding, led by Hong Kong-based asset management firm Steadview Capital. Existing invest SAIF Partners and Kalaari Capital also participated.
Urban Ladder previously secured US$5 million led by SAIF Partners during November 2013, and US$1 million from Kalaari Capital during August 2012.
The company plans to use these funds to further enhance their team. “As we grow, we want to build a team of smart people who are excited to be a part of a journey that will revolutionise the furniture industry globally. We aim to double our employee base in the next six months,” said Rajiv Srivatsa, Chief Operating Officer and Co-founder, Urban Ladder.
The brands is competing against other firm such as Fabfurnish.com and Pepperfry.com. besides other e-commerce players such as Amazon.in, Flipkart.com and Snapdeal.com.
“Furniture is a highly fragmented and unorganised space, and we believe Urban Ladder is well positioned to leverage technology in order to become the leading furniture company in India. Their focus on customer experience and innovative product offerings stand out and we think very highly of the founders and the team they have built around them,” said Ravi Mehta, Managing Director, Steadview Capital.
Initially founded by Srivatsa and Ashish Goel during July 2012, Urban Ladder provides furniture solutions within seven leading cities in India.The company offers over 1,000 product acrossover 25 categories in furniture such as wardrobes, beds, sofas, dining tables and coffee tables. It plans to further expand the product and service to 25-30 cities in India by March 2015.
Steadview Capital has also investing in companies such as Page industries, Jubliant Foodworks, Shriram citiy Union and Olacabs.