Online furniture store Urban Ladder has raised $5 million (around Rs 30 crore) from SAIF Partners and Kalaari Capitalas it plans to expand operations into more Indian cities. The company had earlier raised $1 million from Kalaari Capital in August last year.
Urban Ladder, launched in July last year, sells furniture in Bangalore, Delhi, Mumbai, Chennai and Pune. It plans to expand categories and sell them in more cities. The company offers close to 25 categories such as beds, sofas, dining tables, coffee tables, and has over 500 products for shoppers to choose from.
“We are on track to achieve our goal to be the largest furniture store, online or offline, in India within the next 18-20 months. This round of funding will further help strengthen our customer service experience, technology platform and expand our reach and product range,” said Ashish Goel, founder of Urban Ladder.
SAIF Partners is a venture capital and private equity firm that has invested in companies such as MakeMyTrip Ltd, Just Dial Ltd and Firstcry.com.
“Furniture in India is a huge market with a potential to create a large online business. In this category, Urban Ladder has been able to differentiate itself by offering unique and innovative designs and excellent customer experience. We believe the company has the promise of break-out growth,” said Deepak Gaur, Managing Director, SAIF Partners.