Bangalore: Bangalore based online furniture and home décor retailer, UrbanLadder raises $50 million (Rs.300 Crore) in a new series C round of funding. The investment led by Sequoia Capital and TR Capital along with the participation of existing investors such as SAIF partners, Steadview Capital and Kalaari Capital. The raised funds will be exploited to upgrade its product portfolio by enhancing its design thinking and product quality and for obtaining customers.
Launched in July 2012 by two friends from IIM Bangalore, Ashish Goel and Rajiv Srivasta, Urban Ladder claims to offer a curated range of 4000 products across 35 furniture and home décor categories, including beds, sofas, dining, coffee tables, bookcases, wardrobes and many others. Unlike its peers Pepperfry and FabFurnish, which have a marketplace model and has raised $77 million funding till date, Urban Ladder works on an inventory model and is controlled by supply model. Currently, Urban Ladder is operating across 12 cities in India, namely Bangalore, Chennai, Kochi and many others and aims to hit 25-30 cities by the end of this year.
Last year, Urban ladder had acquired Delhi based BuyNBrag, an online market place for furniture and home décor. Prior to that, the firm had raised total funding of $27 million from SAIF Partners, Steadview Capital and Kalaari Capital. Besides, Ratan Tata, chairman emeritus, Tata Group had also made an investment of an undisclosed amount in Urban Ladder in November 2014.
Founded in 2007, TR Capital is a Hong Kong based mid market private equity secondary investment firm in Asia. It mainly offers liquidity to investors in the milieu, where the macro economic conditions are more challenging; traditional exit avenues are more limited and financial institutions are more restrictive. Currently, it manages two funds with a capital commitment of over $150 Million.
Today, Urban Ladder competes with horizontal e-Commerce players Amazon.com, Snapdeal.com and Flipkart along with Rocket Internet incubated Pepperfry and FabFurnish.