Bengaluru-based online furniture retailer Urban Ladder raised $12 million from investors Kalaari Capital, SAIF Partners, Sequoia Capital and Steadview Capital, in its second internal round of funding, announced the startup yesterday.
The freshly raised funds will be used by Urban Ladder to focus on an omni-channel strategy by opening branded stores in main markets. Urban Ladder last raised $15 million from the same set of investors in January 2017.
The startup in a media statement said that it continued to study other cities for its next phase of expansion, aiming at 15-20 stores across India by March 2019. “Our offline expansion in Bengaluru has been extremely well-received by customers for the differentiated furniture-shopping experience,” said Ashish Goel, CEO and co-founder, Urban Ladder.
The above development was first reported in The Hindu.
In August 2017, as a strategic shift to be an offline retailer, Urban Ladder received approval from DIPP to operate as a single brand retail chain. The move gave it the capability to move from a marketplace model to one where it can stack its own inventory and open stores. The startup launched its first experience centre in Bengaluru in early 2017.
Launched in 2012 by Ashish Goel and Rajiv Srivatsa, Urban Ladder has raised a total of $103 million till date.
In online furniture segment Urban Ladder's closest competitor and rival is Mumbai-based Pepperfry, which is backed by Goldman Sachs, Norwest Venture Partners and Bertelsmann India. Launched in the same year as Urban Ladder, Pepperfry has raised a total of $159 million to date.
According to a report by the Hong Kong Trade Development Council, furniture market was worth $18 billion in 2015 and is expected to grow in worth to over $27 billion by 2022. Currently, India is the 14th largest online furniture market in the world.
The freshly raised funds will be used by Urban Ladder to focus on an omni-channel strategy by opening branded stores in main markets. Urban Ladder last raised $15 million from the same set of investors in January 2017.
The startup in a media statement said that it continued to study other cities for its next phase of expansion, aiming at 15-20 stores across India by March 2019. “Our offline expansion in Bengaluru has been extremely well-received by customers for the differentiated furniture-shopping experience,” said Ashish Goel, CEO and co-founder, Urban Ladder.
The above development was first reported in The Hindu.
In August 2017, as a strategic shift to be an offline retailer, Urban Ladder received approval from DIPP to operate as a single brand retail chain. The move gave it the capability to move from a marketplace model to one where it can stack its own inventory and open stores. The startup launched its first experience centre in Bengaluru in early 2017.
Launched in 2012 by Ashish Goel and Rajiv Srivatsa, Urban Ladder has raised a total of $103 million till date.
In online furniture segment Urban Ladder's closest competitor and rival is Mumbai-based Pepperfry, which is backed by Goldman Sachs, Norwest Venture Partners and Bertelsmann India. Launched in the same year as Urban Ladder, Pepperfry has raised a total of $159 million to date.
According to a report by the Hong Kong Trade Development Council, furniture market was worth $18 billion in 2015 and is expected to grow in worth to over $27 billion by 2022. Currently, India is the 14th largest online furniture market in the world.
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