Silicon Valley-based technology entrepreneurs Anand Rajaraman and Venky Harinarayan have poured an undisclosed amount into Urban Ladder, days after the Indian online furniture and home décor company scooped US$50 million from Sequoia Capital and Hong Kong-based TR Capital.
The company is strengthening its product portfolio and introducing new categories, along with geographical expansion to 30 cities by the end of the year. It is looking to triple the size of its tech team in the next six months.
Urban Ladder has till date raised US$77 million from investors that also include Kalaari Capital, SAIF Partners and Steadview Capital. Ratan Tata, Chairman Emeritus of Tata Group, had made a personal investment in the company in November 2014.
“We are thrilled to have veterans like Anand and Venky on board as investors to mentor and guide us. They have done some fantastic work in technology, and set very high global benchmarks. It is great that they believe in the potential of the Indian e-commerce industry and are reinvesting in the ecosystem,” said Ashish Goel, CEO and Co-founder of Urban Ladder.
Urban Ladder was founded by Goel (CEO) and Rajiv Srivatsa (COO) in July 2012. It is an online furniture and home décor company that aims to provide a curated destination for home solutions. The startup claims that it has over 4,000 products and 35 categories such as wardrobes, sofas, beds, dining tables, storage shelves, etc. The furniture is curated with design inputs from Urban Ladder’s in-house team of experienced designers.
At present, the startup delivers to 12 cities in India (Bangalore, Mumbai, Delhi/NCR, Chennai, Pune, Hyderabad, Cochin, Ahmedabad, Chandigarh, Surat, Kolkatta and Mangalore).
Rajaraman and Harinarayan are serial entrepreneurs who co-founded Junglee Corp in 1996. They also built Cambrian Ventures, an early-stage VC fund in 2000, and Kosmix, a website that organises the Internet by topic in 2005. In 2011, Kosmix was acquired by Walmart and both Anand and Venky headed the WalmartLabs operations till June 2012.