Online furniture and home decor company Urban Ladder on Wednesday said it has tied up with Milaap, a crowdfunding website to fund and fundraise for social causes, to launch the ‘Exchange for Good’ initiative in Bengaluru.
The partnership will help Urban Ladder customers to find ways to dispose their old furniture while purchasing new ones. As part of the programme, when a customer chooses the exchange offer on the Urban Ladder website, he/she receives a 10% discount on the new purchase.
The Urban Ladder team picks up the old furniture to ensure it is donated to someone in need. Through Milaap, Urban Ladder has partnered with 11 NGOs across the city who will receive the old furniture. These NGO’s contribute towards women empowerment and are involved in education, health and community development.
The initiative provides an opportunity for customers to donate their old furniture. At the same time, it ensures a low-cost option for an individual in the lower strata of the society.
According to sectoral sources, Urban Ladder has a gross merchandise value of around Rs 300 crore. The company is understood to be valued at $250-300 mn.
Ratan Tata, chairman emeritus, Tata Group, had, in November 2014, made a personal investment in Urban Ladder. In April, it had raised $50 mn from Sequoia Capital, TR Capital, Steadview Capital, SAIF Partners and Kalaari Capital.
Prior to this, the company had attracted $27 mn from Kalaari Capital, SAIF Partners and Steadview Capital, over three years. More recent, Urban Ladder received an undisclosed amount from Silicon Valley-based web and technology entrepreneurs Anand Rajaraman and Venky Harinarayan.
Currently, the company is planning to raise another round of funding, about $120 mn (Rs 750 crore).