Urban Ladder co-founder Rajiv Srivatsa has resigned after eight years of association with the start-up he co-founded with his B-school batchmate Ashish Goel.
Srivatsa will transition from his current role as chief product and technology officer, but will continue to engage with the company’s board and promoters on strategic initiatives, he said in a post on LinkedIn on Monday.
“In our eight-year journey, we have built an incredibly well-loved and respected furniture brand. Urban Ladder is recognised for its good quality, great design, and outstanding service. I am supremely confident that we will continue this momentum and truly build one of India’s most loved consumer brand,” said Srivatsa.
He did not reveal his next move. “The plan is to explore various avenues in the coming months before choosing a specific path.”
Meanwhile, Vani Kola, managing director at Kalaari Capital, who is an investor in Urban Ladder, is also learnt to have stepped down from the company’s board. The filing dated August 19, accessed through Paper.vc, attribute her resignation to other commitments. These developments come at a time when Urban Ladder has been struggling to raise funds, contain top-level exits, and stay afloat amid competition.
In June this year, the Bengaluru-based firm had terminated around 90 employees, scaling down its headcount to 711. It was the second major retrenchment after a similar one in 2016. In March, its chief marketing officer Sanjay Gupta and vice-president Parag Shah had also left the company.
Urban Ladder, which started out in 2012, has raised Rs 744.7 crore to date from Sequoia, Steadview Capital, SAIF Partners, and Kalaari. Existing investors put in $12 million in 2018 and $15 million in 2017 to keep the company afloat. In contrast, chief rival Pepperfry raised Rs 250 crore last year, led by State Street Global Advisors, a top asset management firm headquartered in New York.