Existing investors SAIF Partners and Kalaari Capital also participated in the Series B funding, which will be used to boost the team
Online furniture retailer Urban Ladder has raised US$20 million in its second round of funding, led by Hong Kong-based asset management firm Steadview Capital. Existing investors SAIF Partners and Kalaari Capital also participated.
Urban Ladder earlier raised US$5 million led by SAIF Partners in November 2013, and US$1 million from Kalaari Capital in August 2012.
The company will use the funds to strengthen the team. “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, Chief Operating Officer and Co-founder, Urban Ladder.
The brand is in direct competition with Fabfurnish.com and Pepperfry.com, besides other e-commerce players such as Amazon.in, Flipkart.com and Snapdeal.com.
“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, Steadview Capital.
Founded by Srivatsa and Ashish Goel in July 2012, Urban Ladder provides furniture solutions in seven leading cities in India. The company offers over 1,000 products across 25 categories in furniture such as wardrobes, beds, sofas, dining tables and coffee tables. It plans to further expand the product range and service to 25-30 cities in India by March 2015.
Steadview Capital has also invested in companies such as Page Industries, Jubliant Foodworks, Shriram City Union and Olacabs.