Online furniture vendor Urban Ladder has raised Rs.120 Cr second round of funding led by Hong Kong-based asset management firm Steadview Capital Management. The round also saw participation from its existing investors including SAIF Partners and Kalaari Capital.
Last year, the startup has raised $5 Mn from by SAIF Partners and prior to that it has raised $1 Mn from Kalaari Capital in 2012.
Founded back in 2012 Urban Ladder offers over 1000 products across 25 categories in furniture including wardrobes, beds,sofas, dining tables, coffee table. It further plans to expand the product range and service to 25-30 cities in India by March 2015.
“We will continue to strengthen these aspects with focus on innovative technology, which will further elevate customer experience,” Urban Ladder CEO & Co-founder Ashish Goel said.
The new round of funding will be used by it to strengthen the team and recruit aggressively.
“Furniture is a highly fragmented and unorganized space, and we believe Urban Ladder is well positioned to leverage technology in order to become the leading furniture company in India,” said Ravi Mehta, managing director at Steadview Capital.
In the similar segment recently, Pepperfry.com has also raised $15 Mn from Bertelsmann India Investments and Norwest Venture Partners in its second round of funding in May this year. Online home furnishing and furniture vendors Zansaar.com and FabFurnish.com are also looking to raise funding.