Urban Ladder, online furniture store today announced that it has raised $5 million (around Rs 31.2 crore) from SAIF Partners and Kalaari Capital in series A funding.
The company had earlier raised $1 million from Kalaari Capital in August 2012. Urban Ladder was launched in July 2012 and provides furniture solutions in Bangalore, Delhi, Mumbai, Chennai and Pune.
“In just over a year, we have established ourselves as the leading online furniture destination in India. We are on track to achieve our goal to be the largest furniture store, online or off-line, in India within the next 18-20 months. This round of funding will further help strengthen our customer service experience, technology platform and expand our reach and product range,” said Ashish Goel, CEO & Co-founder, Urban Ladder.
“Furniture in India is a huge market with potential to create a large online business. In this category, Urban Ladder has been able to differentiate itself by offering unique and innovative designs and excellent customer experience. We believe that the company has the promise of break-out growth. We are excited to partner with Ashish and Rajiv in this journey.” said Deepak Gaur, Managing Director, SAIF Partners. SAIF Partners has invested in companies such as makemytrip.com, justdial.com and firstcry.com.
Urban Ladder offers close to 25 categories in furniture such as beds, sofas, dining tables, coffee tables, and has over 500 products for shoppers to choose from. It plans to further expand categories and its reach to more Indian cities to establish itself firmly as the first choice destination for furniture shopping.