Online furniture retailer UrbanLadder has finally raised $50 Mn in a new round of funding led by Sequoia Capital alongwith TR Capital. Its existing investors including Steadview Capital, SAIF Partners and Kalaari Capital also participated in this fund raise.
The rumors of fundraise of this two year old startup which competes with Pepperfry and Rocket Internet-backed FabFurnish was in news from past few days. The company had previously also raised funds from Ratan Tata as well and has raised Series B funding from Steadview Capital and existing investors SAIF Partners and Kalaari Capital in July last year. Prior to this, it had raised $5 Mn from by SAIF Partners and $1 Mn from Kalaari Capital in 2012.
Founded by Ashish Goel and and Rajiv Srivatsa, Urban Ladder offers over 41000 products across 35 categories in furniture including wardrobes, beds, sofas, dining tables, coffee table.
The company, currently has employee base of about 600, it is aiming to hire another 2,000 during the year.
The furniture market in India is estimated to be about $10 Bn (Rs 60,000 crore), with the online market less than INR 1,000 Cr and this has attracted investors to invest in number of startup dealing in this space.
Let’s have a look at some of the transactions that took place recently in this space:
- Furlenco raised $6 Mn in a Series A funding round led by LightBox VC.
- Bangalore-based tech-led home solution startup, HomeLane raised$4.5 Mn in a funding round led by Sequoia Capital.
- Home design and decor startup LivSpace got INR 29 Cr. in Series A from Helion Venture Partners, Bessemer Venture Partners and Jungle Ventures.