Bangalore-based online furniture store Urban Ladder has raised $3 million from in form of venture debt financing from Trifecta Capital, report Livemint. As per documents filed in RoC, the funding was raised through issue of non-convertible debentures, and compulsorily convertible shares, in the month of June, added the report.
Compulsorily convertible preference shares provide an assured or fixed rate of return to investors, and have to be compulsorily converted into normal shares after a prefixed date. Non-convertible debentures on the other hand are unsecured bonds which are not backed by any collateral and additionally cannot be converted into stock or equity. However it is not clear, how the $3 million funding has been categorized among the two modes of investment.
MediaNama contacted Urban Ladder for a comment, but the company declined to comment stating “we don’t have any comments to share on this at the moment.”
Currently, Urban Ladder offers home decor products across various furniture categories like beds, sofas, coffee tables, side tables, dining tables and chairs, among others. It currently delivers to 19 cities: Bangalore, Mumbai, Delhi/NCR, Chennai, Goa, Pune, Hyderabad, Cochin Ahmedabad, Chandigarh, Surat, Kolkata Mangalore, Jaipur & Baroda) and this number is expected. As of now, the platform claims to offer over 5000 products across 35 categories.
Previous Funding: In April 2015, Urban Ladder had secured an undisclosed amount of funding from Cambrian Ventures founding partners Anand Rajaraman and Venky Harinarayan. In the same month, it also raised $50 million in a series C round of funding. Ratan Tata had also invested an undisclosed amount in Urban Ladder in his personal capacity, in November 2014.
Interior design service: The company started testing an interior designing service named ‘Urban Interiors’ in April for customers to furnish their homes through assistance from independent designers. The designer will also assist customers to browse products and create custom interiors according to their requirements. For this, Urban Ladder claims to collaborate with interior designers from across the country and also plans to launch a mobile app for the same.
Appointments at Urban Ladder
– In February, Urban Ladder had appointed Sanjay Gupta as its chief marketing officer.
– In July last year, the company appointed Apurva Dalal as its chief technology officer.
– In January 2015, it appointed Kartikeya Misra as its vice president (VP) and head of online product.
– Urban Ladder had also appointed Manu Prasad as its Director of Brand Marketing, effective from November 2014.
Developments in the online interior design field
-In February, Delhi-based DesignBids raised an undisclosed funding from Indian Angel Network.
-In the same month, Houssup had raised undisclosed amount of in seed funding.
-In September 2015, online furniture retailer FabFurnish moved from being a furniture marketplace to a platform for discovery and sale of curated products.
-In the same month, Sundeep Malhotra, who stepped down as CEO of Homeshop 18, launched an interior design and home design platform called Renomania.
-In August 2015, interior design and home decor company Foyr raised $1 million from Astarc Ventures. In the same month, it introduced a platform that lets users customize and buy furniture and home decor on both, desktop and its mobile app.