India’s leading online furniture company, Urban Ladder has raised Rs.120 Cr. ($21 million) in Series B round of funding led by Steadview Capital along with the existing investors – SAIF Partners and Kalaari Capital.
Urban Ladder would be using this funding round to strengthen its presence as the leader in the Indian furniture market. The company had earlier raised $5 million lead by SAIF Partners in November’13 and $1 from Kalaari Capital in August’12.
Started in July 2012, Urban Ladder was launched with the aim to build a million beautiful Indian homes. It now provides furniture solutions in seven leading cities in India.
Speaking post funding, Ashish Goel, CEO & Co-Founder, Urban Ladder said,
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.
Sharing the intend behind funding, Rajiv Srivatsa, COO & Co-Founder, Urban Ladder said,
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.
Steadview Capital has earlier invested in Page Industries, Jubliant Foodworks, Shriram City Union and Olacabs.
Believing the market Urban Ladder is operating in, Ravi Mehta, Managing Director, Steadview Capital said
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.
Urban Ladder offers over 1000 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 25-30 cities in India by March 2015.