Bangalore-based online furniture store Urban Ladder has raised $21 million (around Rs.120 crore) from Hong Kong-based Steadview Capital, and existing investors SAIF Partners and Kalaari Capital, reports The Times of India.
Urban Ladder is looking to use this investment to expand its presence to 25 cities from existing seven cities and launch more categories. Urban Ladder co-founder & CEO Ashish Goel told TOI that they are also in the process of setting up UL Labs which will offer consumers technology-driven, user-curated home solutions.
This is Steadview Capital’s second investment in the month, after investing Rs 250 crore in the online cab booking service Olacabs along with Sequoia Capital and existing investors Tiger Global and Matrix Partners last week.
Founded in July 2012, Urban Ladder offers home decor 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. It is currently operational in Bangalore, Delhi, Mumbai, Chennai and Pune among others and had claimed to provide more than 500 products across 25 categories as of November last year.
Flurry of investments in online home decor and furniture portals
It’s worth noting that Urban Ladder’s competitor PepperFry had also raised $15 million from Bertelsmann India Investments (BII) and Norwest Venture Partners in May this year. Mumbai-based online interior designing marketplace, Nestopia.com had also secured an undisclosed amount in funding from Century Plywood in the same month.
nline home furnishing portal Bedbathmore.com had also received an undisclosed amount in Series A funding from Blume Ventures in May 2013 while Zansaar which had raised $6 million from Accel Partners and Tiger Global in Feb 2012.
German startup incubator Rocket Internet, which operates FabFurnish in India, had closed a $500 million investment from existing investors in July 2013. Post investment, it was looking to launch e-commerce companies in the fashion, general merchandise and furniture sectors in countries like India, Europe, Africa and others. Rocket Internet’s MO has been to introduce successful business models in new markets and aggressively scale them.
Besides this, E-commerce ventures like Amazon India, Snapdeal, HomeShop18, Jabong and Infibeam also offer furniture products.