Urban Ladder has told MediaNama that the SAIF investment deal is not closed yet but they are in talks with a few PE firms for a Series A investment. This is exactly what we had heard from our sources a few weeks ago, but we had been unable to confirm the closure of this fund raising.
Yesterday, Iamwire reported that online furniture store Urban Ladder had raised an undisclosed amount in series A funding round led by SAIF Partners, saying that Urban Ladder co-founder and CEO Ashish Goel has declined to confirm or deny this investment.
Prior to this, Urban Ladder had raised a seed round of $1 million from IndoUS Venture Partners (now Kalaari Capital) in August 2012 and it was looking to raise an investment of around $5 million to $6 million for a few months now, as indicated by a TechCircle report. It was planning to use this investment to expand to other geographies like Chennai and Hyderabad and improve its existing product.
Founded in January 2012, Bangalore-based Urban Ladder focuses on the home decor segment and offers products across various furniture categories like beds, sofas, coffee tables, side tables, dining tables and chairs, balcony sets, bookcases, display units, and wall racks, among others.
One can browse through featured products on the homepage or head over to any specific furniture category through the navigation bar. Strangely, there is currently no option to sort or filter these products based on any specific parameters. However, what’s worth noting is that the site provides a dimensional view in product pages, which compares the product dimension to an average person’s height, which we feel is quite critical in furniture shopping.
At present, the site provides all the major payment options like credit and debit card, net banking, card on delivery and cash on delivery (for purchases above Rs 5,000). It currently delivers to Bangalore, Mumbai, Delhi NCR, Chennai and Pune and offers free shipping for these regions. It claims to deliver products within 15 days of the order.
Investments in Home Decor
Last month, German startup incubator Rocket Internet had closed a $500 million investment from existing investors Investment AB Kinnevik and Access Industries. The company had informed that it plans to launch e-commerce companies in the furniture, fashion and general merchandise sectors and is currently targeting India and other geographies like Europe, Russia, Latin America, Africa, the Middle East, South East Asia and Australia with its ventures. It currently has an online furniture store in India called FabFurnish.
In May 2013, online home furnishing portal Bedbathmore.com had raised an undisclosed amount in series A funding from Blume Ventures and in April 2013, Home decor site Pepperfry.com had raised $8 million investment from existing investor Norwest Venture Partners (NVP).