Two Silicon Valley technology entrepreneurs Anand Rajaraman and Venky Harinarayan have invested an undisclosed sum in Bengaluru-based online furniture retailer Urban Ladder. The fresh funds, infused shortly after a $50-million investment by Sequoia and TR Capital earlier this month, will be used in upgrading technology and hiring new talent.
“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, chief executive officer, Urban Ladder.
Anand and Venky co-founded Junglee in 1996, the first such online comparison portal and later in 2000 they launched Cambrian Ventures, an early stage VC fund. Post this investment, Urban Ladder plans to expand to 30 cities by the end of this year. It has raised $77 million from an array of investors, including Ratan Tata, in the last three years.
“Furniture and home decor is a highly unorganised category in India, and Urban Ladder has been able to fill the need gap by finding great solutions for customers. It’s a great team, off to a terrific start, and well positioned to be the leading furniture and home decor company in India,” said Anand Rajaraman, founding partner, Cambrian Ventures.