Urban Ladder raises Rs120 crore in second round of funding

New Delhi: Online furniture vendor Urban Ladder on Wednesday said it has raised ₹ 120 crore in its second round of funding, led by Hong Kong-based asset management firm Steadview Capital Management. Existing investors SAIF Partners and Kalaari Capital too have contributed in the current round.

The company will use the money to strengthen the team and recruit aggressively, it said in a statement in Wednesday.

“As we grow, we want to build a team of smart people who are excited to be a part of a journey that will revolutionize the furniture industry globally. We aim to double our employee base in the next six months.” said Rajiv Srivatsa, chief operating officer and co-founder, Urban Ladder.

Founded by Srivatsa and Ashish Goel in July 2012, Urban Ladder provides furniture solutions in seven leading cities in India. The company offers over 1,000 products across 25 categories in furniture such as wardrobes, beds, sofas, dining tables and coffee tables. It plans to further expand the product range and service to 25-30 cities in India by March 2015.

Urban Ladder had earlier raised $5 million led by SAIF Partners in November 2013 and $1 million from Kalaari Capital in August 2012.

“Furniture is a highly fragmented and unorganized space, and we believe Urban Ladder is well positioned to leverage technology in order to become the leading furniture company in India,” said Ravi Mehta, managing director at Steadview Capital. Steadview Capital has invested in companies such as Page Industries, Jubliant Foodworks, Shriram City Union and Olacabs.