At a time when most startups are resorting to cost-cutting due to a dearth of investments, online furniture retailer Urban Ladder has raised about $15.2 Mn from existing investors.
Existing investor Kalaari has invested about $4.56 Mn (INR 30.64 Cr), while SAIF Partners has invested $4.54 Mn (INR 30.46 Cr) in this round. Steadview Capital has also invested $4.04 Mn (INR 27.16 Cr), and Sequoia Capital contributed about $2 Mn (INR 13.58 Cr), as per filings with ROC.
A query sent to Urban Ladder regarding the funding was passed on with a “no comments” response.
This comes at a time when the online furniture retailer is planning to open offline stores as it shifts its business model from an ecommerce platform to a furniture brand.
Urban Ladder is one of the most well-capitalised online furniture businesses, backed by Ratan Tata, Sequoia Capital, Steadview Capital, SAIF Partners, and Kalaari Capital. Till date, it has raised about $77 Mn. In August 2016, it raised $3 Mn in venture debt from Trifecta Capital.
Urban Ladder competes with Pepperfry, Furlenco, and Fabfurnish in the furniture etailer space. Pepperfry has raised $128 Mn, so far from Goldman Sachs, Norwest Venture Partners, and Bertelsmann India Investments, among others. And Kishore Biyani-led Future Group acquired Rocket Internet-backed online furniture startup FabFurnish in April 2016.
(This development was first reported by Mint).