Bangalore-based online furniture store Urban Ladder has raised $50 million in a series C round of funding led by Sequoia Capital with participation from TR Capital and existing investors Steadview Capital, Kalaari Capital and SAIF Partners, reports LiveMint. The platform will use the funding for expanding to new cities, investing in technology and hiring.
Note that Urban Ladder had previously raised $21 million from Steadview, SAIF and Kalaari in July last year, after raising $5 million from SAIF and Kalaari in November 2013 and raising $1 million from Kalaari in August 2012. Overall the platform has raised around $77 million since its inception in July 2012, discounting the undisclosed amount invested by Ratan Tata in November last year.
Currently, 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 currently delivers to 12 cities: Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi/NCR, Hyderabad, Kochi, Kolkata, Mangalore, Mumbai, Pune and Surat and is aiming to be present in 30 cities by the end of 2015. As of now, the platform claims to offer over 4000 products across 35 categories.
BuyNBrag acquisition: Urban Ladder acqui-hired the Delhi based startup BuyNBrag in November last year. Post the acquisition, team members of BuyNBrag joined Urban Ladder along with co-founder Prithvi Raj Tejavath who was appointed as the VP of Home Decor. Launched in 2012, BuyNBrag was an online marketplace for home decor and furniture products which offered products across various categories like modern & contemporary furniture, dining sets, home decor and gifts & collectibles among others.
UL Labs: In August last year, Urban Ladder launched ‘UL Labs’, an initiative to work with digital startups from around the globe to develop solutions in various aspects of furniture buying. Urban Storage, a wardrobe configurator app, was the first product released under the initiative. Following this, the platform launched an augmented reality app called Living Spaces in November. The company had partnered with the Bangalore based startups Whodat and House of Blue Beans to launch this app.
– Bangalore-based online marketplace for fixed furniture HomeLane, raised $4.5 million in funding from Sequoia Capital with participation in individual capacity from Manipal Education and Medical Group’s Ranjan Pai and Manipal Global Education’s Mohandas Pai in February this year.
– PepperFry raised $15 million from Bertelsmann India Investments (BII) and Norwest Venture Partners in May last year. Mumbai-based online interior designing marketplace, Nestopia.com had also secured an undisclosed amount in funding from Century Plywood in the same month.
– Online 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.