In another instance of continued investor interest in vertical e-commerce players, city-based online furniture store Urban Ladder on Thursday announced that it has raised $50 million from a clutch of investors led by Sequoia Capital and TR Capital. Existing investors Steadview Capital, SAIF Partners and Kalaari Capital also participated.
The company plans to expand its services to 30 cities by the end of 2015 with new product offerings. At present, Urban Ladder delivers to 12 cities: Bangalore, Mumbai, Delhi/NCR, Chennai, Pune, Hyderabad, Cochin, Ahmedabad, Chandigarh, Surat, Kolkata and Mangalore. The e-tailer will also focus on new additions to its catalogue and categories, besides working on technology solutions across the store front, mobile and product visualisation to differentiate itself from competitors like Pepperfry and FabFurnish.
“Over the last three years, we have stayed sharply focused on our design thinking, product quality and customer experience. While these will continue to be important themes, geographical expansion will also be a key focus area this year. We will be present in 30 cities by the end of 2015,” said Ashish Goel, CEO and co-founder, Urban Ladder.
According to data available with Crunchbase, Urban Ladder, founded in July 2012 by Goel and Rajiv Srivatsa, had so far raised $27 million from six investors: Sequoia Capital, Steadview Capital, TR Capital, Kalaari Capital, SAIF Partners and Indo-US Venture Partners. In July last year, the e-tailer had raised $21 million from Kalaari Capital, SAIF Partners and Steadview Capital, besides an undisclosed investment from Tata Group Chairman Emeritus Ratan Tata.
The company claims to offer a curated range of over 4,000 products across more than 35 categories in furniture and home décor. In an earlier interaction with FE, COO and co-founder Srivatsa had said Urban ladder was aiming to close FY15 with a revenue of Rs 250 crore and clock revenues of Rs 500 crore by September.