Urban Ladder, an omnichannel furniture and decor retailer, has raised about INR 15 Cr. in funding led by existing investors SAIF Partners, Sequoia Capital and Steadview Capital. Some of the existing investors such as Kalaari Capital and ABG Capital, did not participate in the current round.
The company has been struggling to turn profitable, and had been on the lookout for additional funding for some time. Considering their inability to raise funds, they had undertaken some job cuts earlier this year. As per media reports the company had to let go about 40 % of its employees in the year ending March 2019. Last month, Founder of Urban Ladder and the former Chief of Products & Technology, Rajiv Srivatsa had resigned. The company also saw the exit of Vani Kola, Managing Partner, Kalaari Capital from the company’s board.
The present round of funding will help Urban Ladder stabilize their operations, and expand their business. While earlier, the company was mainly focussed on premium quality furniture, now the company has introduced a range of low priced products targeting the masses. To optimise their profitability, the company has also moved out of unprofitable locations, and have shut down cash on delivery. The startup currently has 14 stores in New Delhi, Bengaluru, and Pune, Gurgaon, Chennai, and Mumbai, with most of its stores located in Bangalore.
Urban Ladder, has started in 2012, and soon went onto become one of the most visible online furniture retailers. Over its earlier funding rounds, Urban Ladder has raised more than $112.8 million and counts SAIF Partners, Steadview Capital, Sequoia Capital, Ratan Tata, and Kalaari Capital among its investors.
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