Urban Ladder, India’s leading online furniture company has raised Rs. 120 crore ($21 million) in Series B round of funding, to further strengthen its presence as the leader in the Indian furniture market.
Urban Ladder, India’s leading online furniture company has raised Rs. 120 crore ($21 million) in Series B round of funding, to further strengthen its presence as the leader in the Indian furniture market. This round is led by Steadview Capital, along with existing investors SAIF Partners and Kalaari Capital. The company had earlier raised $5 million lead by SAIF Partners in November’13 and $1 from Kalaari Capital in August’12. Urban Ladder was launched in July 2012 with the aim to build a million beautiful Indian homes. It provides furniture solutions in seven leading cities in India.
“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 and Co-founder, Urban Ladder.
Strengthening the team and aggressive recruitment is on the cards for Urban Ladder. “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 and Co-founder, Urban Ladder.
Steadview Capital is a leading alternative asset management firm that makes concentrated long term investments. It has invested in in companies such as Page Industries, JubliantFoodworks, 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. 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 at Steadview Capital.
Urban Ladder offers over 1000 products across 25 categories in furniture such as wardrobes, beds, sofas, dining tables, coffee table. It plans to further expand the product range and service 25-30 cities in India by March 2015.