Wholesale arm of Urban Ladder posts revenue of Rs 53.15 Cr for FY17Sameer Ranjan
The firm posted a revenue of Rs 53.15 crore, 143 percent up from its previous year revenue of Rs 21.81 crore.
Bengaluru-based Urban Ladder Home Decor Solutions Pvt Ltd, which operates furniture retailer Urban Ladder, has reported a steep rise in both its revenue and loss for the year ended March 2017, recent documents filed with Registrar of Companies (RoC) revealed.
The Bengaluru-based firm is the subsidiary of Urban Ladder Home Decor Solutions Pvt Ltd that operates furniture e-tailer Urbanladder.com. The firm posted a revenue of Rs 53.15 crore, 143 percent up from its previous year revenue of Rs 21.81 crore. Despite a steep increase in revenue, the firm saw its loss increase from Rs 35.46 lakh in FY16 to Rs 1.17 crore in FY17.
The home furnishing company recently announced it raised a fund of $12 million from its existing investors - Kalaari Capital, Saif Partners, Sequoia Capital, and Steadview Capital. The company last raised $15 million in January 2017 from the same investors.
The company said that it was utilising its funds towards Urban Ladder's omnichannel expansion. In one of its recent RoC filings, the company had stated, “In order to reap the benefits of liberalisation policies promulgated by the Central government, Urban Ladder applied for a Single Brand Licence in the month of September as a strategic shift to be an offline retailer."
Urban Ladder launched its first experience centre in Bengaluru, which is also a retail store. Recently speaking with this correspondent, Rajiv Srivatsa, Co-founder and COO of Urban Ladder, said the company was planning to set up 15 stores within next 12 months.
Not only it is trying to leverage the offline mode, Urban Ladder, which dif not have full-house offerings and never did for kitchens, wardrobes and new house orders, has subsequently expanded and started full-house offering.
Even to centralise its buying and ensure good quality practices and processes, the firm had also started converting all its existing sellers into a contract manufacturing relationship mode last year.
The company was founded in 2012 by Ashish Goel and Rajiv Srivatsa. It counts Ratan Tata, SAIF Partners, Kalaari Capital and Sequoia Capital as its investors.