Online furniture company, Urban Ladder. has raised Rs 120 crore ($21 million) in Series B round of funding to further strengthen its presence in the Indian furniture market. This round of funding 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 2013, and $1 million from Kalaari Capital in August 2012. Urban Ladder was launched in July 2012 with the aim to provide a curated destination for furniture solutions in a million Indian homes.
“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.
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 revolutionise the furniture industry globally. We aim to double our employee base in the next six months,” said Rajiv Srivatsa, COO & Co-founder, Urban Ladder.
Steadview Capital is a leading alternative asset management firm that makes concentrated long-term investments. It has invested in companies such as Page Industries, Jubilant Foodworks, Shriram City Union and Olacabs.
“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 at Steadview Capital.
Urban Ladder offers over 1,000 products across 25 categories in furniture such as wardrobes, beds, sofas, dining tables, and coffee table. It plans to further expand the product range and service to 30 cities across the country by March 2015.
The Web site provides shoppers with a wide range of contemporary designs, and handcrafted furniture that blends beauty with functionality. The furniture is personally delivered and installed by Urban Ladder’s own logistics team for safe delivery.