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…
